5 Mar 2015
EUR/USD to remain under pressure into ECB’s meet – AceTrader
FXStreet (Barcelona) - The AceTrader Team views that EUR/USD should remain a sell on recovery towards 1.1000, with yesterday’s price action suggesting that the downtrend has resumed.
Key Quotes
“Looking at the hourly n daily charts, y'day's breach of Jan's trough at 1.1098 to a fresh 11-year low at 1.1062 suggests LT downtrend fm 2008 record high at 1.6040 has resumed n further weakness twd 'psychological' lvl at 1.1000 is on the cards, a daily close below wud extend marginally, however, as hourly n daily indicators have displayed bullish convergences, steep decline below there is unlikely to be seen n reckon 1.0956, being 50% projection of intermediate fall fm 1.2254-1.1098 measured fm 1.1534, shud remain intact n yield a long-over due correction next week.”
“On the upside, a daily close abv 1.1155 wud be the 1st signal temporary low has been made n yield retrace. twd 1.1241/45.”
“Today, euro is expected to remain under pressure ahead of ECB press conference where President Draghi will announce details of QE launch.”
“Selling on recovery is the way to go n only abv 1.1155 wud signal a temp. low is in place.”
Key Quotes
“Looking at the hourly n daily charts, y'day's breach of Jan's trough at 1.1098 to a fresh 11-year low at 1.1062 suggests LT downtrend fm 2008 record high at 1.6040 has resumed n further weakness twd 'psychological' lvl at 1.1000 is on the cards, a daily close below wud extend marginally, however, as hourly n daily indicators have displayed bullish convergences, steep decline below there is unlikely to be seen n reckon 1.0956, being 50% projection of intermediate fall fm 1.2254-1.1098 measured fm 1.1534, shud remain intact n yield a long-over due correction next week.”
“On the upside, a daily close abv 1.1155 wud be the 1st signal temporary low has been made n yield retrace. twd 1.1241/45.”
“Today, euro is expected to remain under pressure ahead of ECB press conference where President Draghi will announce details of QE launch.”
“Selling on recovery is the way to go n only abv 1.1155 wud signal a temp. low is in place.”