24 Mar 2015
EUR/USD might see further declines below 1.0920 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook for EUR/USD, noting that the pair might see additional declines if it breaks below the immediate short-term support at 1.0920.
Key Quotes
“The EUR/USD surged to 1.1002 following the release of strong Manufacturing and Service figures across Europe confirming the sense the area is growing lately. Nevertheless, the pair was unable to break above the critical psychological figure, also the 50% retracement of these last two months decline.”
“US inflation data ticked slightly higher in February, up 0.2% as expected, whilst excluding food and energy, the year-to-year figure rose above forecasted up to 1.7%. Still subdued, the initial market reaction saw the EUR/USD diving down to 1.0936 before quickly bouncing up to a fresh daily high of 1.1029, before regaining the downside.”
“Early in the US session, the pair is under selling pressure, and the 1 hour chart shows that the price is breaking below its 20 SMA, whilst the technical indicators head lower around their midlines.”
“In the 4 hours chart the technical indicators are retracing from extreme overbought levels, supporting some further declines, particularly on a break below 1.0920 the immediate short term support.”
“Support levels: 1.0920 1.0890 1.0865“
“Resistance levels: 1.0955 1.1000 1.1040”
Key Quotes
“The EUR/USD surged to 1.1002 following the release of strong Manufacturing and Service figures across Europe confirming the sense the area is growing lately. Nevertheless, the pair was unable to break above the critical psychological figure, also the 50% retracement of these last two months decline.”
“US inflation data ticked slightly higher in February, up 0.2% as expected, whilst excluding food and energy, the year-to-year figure rose above forecasted up to 1.7%. Still subdued, the initial market reaction saw the EUR/USD diving down to 1.0936 before quickly bouncing up to a fresh daily high of 1.1029, before regaining the downside.”
“Early in the US session, the pair is under selling pressure, and the 1 hour chart shows that the price is breaking below its 20 SMA, whilst the technical indicators head lower around their midlines.”
“In the 4 hours chart the technical indicators are retracing from extreme overbought levels, supporting some further declines, particularly on a break below 1.0920 the immediate short term support.”
“Support levels: 1.0920 1.0890 1.0865“
“Resistance levels: 1.0955 1.1000 1.1040”