20 Feb 2015
EUR/USD gains to remain capped at 1.1400 levels – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, the gains for EUR/USD might remain capped at 1.1400 levels ahead of the Eurogroup meet.
Key Quotes
“The EUR/USD pair has formed a triple top formation on the hourly chart after it faced rejection at the resistance zone of 1.1440-1.1450 in the previous session.”
“The EUR/USD pair is trading below the hourly 200-SMA located at 1.1366 levels ahead of the preliminary PMI manufacturing readings across the Eurozone. Meanwhile, markets also eye the Eurogroup meeting scheduled later in the day."
“The macro economic data out of the Eurozone in the last few days have repeatedly printed higher than expectations. However, the EUR could not gain above 1.1440-1.1450 as Greek concerns weighed over the shared currency.”
“Similar action could be witnessed today as an upbeat manufacturing PMI data in Germany and Eurozone could see the pair rise to 1.1380-1.14 levels. However, caution ahead of the Eurogroup meet could cap gains around 1.14.”
“On the other hand, we could see a downside break below the triple top neckline at 1.1344, if the preliminary PMI readings disappoint market expectations.”
“The immediate losses are seen to restrict at 1.13 levels.”
Key Quotes
“The EUR/USD pair has formed a triple top formation on the hourly chart after it faced rejection at the resistance zone of 1.1440-1.1450 in the previous session.”
“The EUR/USD pair is trading below the hourly 200-SMA located at 1.1366 levels ahead of the preliminary PMI manufacturing readings across the Eurozone. Meanwhile, markets also eye the Eurogroup meeting scheduled later in the day."
“The macro economic data out of the Eurozone in the last few days have repeatedly printed higher than expectations. However, the EUR could not gain above 1.1440-1.1450 as Greek concerns weighed over the shared currency.”
“Similar action could be witnessed today as an upbeat manufacturing PMI data in Germany and Eurozone could see the pair rise to 1.1380-1.14 levels. However, caution ahead of the Eurogroup meet could cap gains around 1.14.”
“On the other hand, we could see a downside break below the triple top neckline at 1.1344, if the preliminary PMI readings disappoint market expectations.”
“The immediate losses are seen to restrict at 1.13 levels.”