30 Apr 2015
SEB: EUR/USD bears pinned down – eFXnews
FXStreet (Barcelona) - The eFXnews Team shares SEB’s intraday technical outlook for EUR/USD, with the bank suggesting to rest the bearish case until evidence of a slowdown in buying is seen.
Key Quotes
“With no selling opportunity materializing at primary short term resistance (in the high-1.09s/mid-l.10s, now support), there was just no argument to shorten yesterday.”
“An ascending "Pivot" and a short-term 161.8% Fibo projection ref finally put an end to intraday advance, but if not holding under 1.1190, extension to 1.1270\1.1305 must also be penciled in. So a bearish case should still be rested until better proof shows that buying is abating.”
This content has been provided under specific arrangement with eFXnews.
Key Quotes
“With no selling opportunity materializing at primary short term resistance (in the high-1.09s/mid-l.10s, now support), there was just no argument to shorten yesterday.”
“An ascending "Pivot" and a short-term 161.8% Fibo projection ref finally put an end to intraday advance, but if not holding under 1.1190, extension to 1.1270\1.1305 must also be penciled in. So a bearish case should still be rested until better proof shows that buying is abating.”
This content has been provided under specific arrangement with eFXnews.