25 Mar 2015
EUR/USD might test 1.0897 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, EUR/USD sees a potential head & shoulder formation on the daily charts, and technicals remain in favour for a possible test of 1.0897 levels.
Key Quotes
“On the hourly charts, the pair has breached a smaller rising trend line in the previous session. Meanwhile, the bigger rising trend line support is seen at 1.0897.”
“The pair could also form a head and shoulder pattern with the neckline support at 1.0873 levels. Given the bearish hourly RSI, the pair could test the support at 1.0897.”
“A weaker-than-expected IFO print could drive the pair to the head and shoulder neckline support at 1.0873; a break below the same could happen in case the US durable goods data beats expectations.”
“On the other hand, immediate gains appear capped around 1.0960-1.0970 levels.”
Key Quotes
“On the hourly charts, the pair has breached a smaller rising trend line in the previous session. Meanwhile, the bigger rising trend line support is seen at 1.0897.”
“The pair could also form a head and shoulder pattern with the neckline support at 1.0873 levels. Given the bearish hourly RSI, the pair could test the support at 1.0897.”
“A weaker-than-expected IFO print could drive the pair to the head and shoulder neckline support at 1.0873; a break below the same could happen in case the US durable goods data beats expectations.”
“On the other hand, immediate gains appear capped around 1.0960-1.0970 levels.”