1 May 2015
EUR/USD sees scope for further gains – SG
FXStreet (Barcelona) - Technical Analysts at Societe Generale, see additional gains possible for EUR/USD towards 1.1340/90 and even towards 1.1536.
Key Quotes
“EUR/USD is extending the phase of rebound after taking support from our earlier highlighted level of 1.05/1.04, which happens to be the multi decadal trend line.”
“The pair has formed a Double Bottom pattern at 1.05/1.04 levels and confirmed it by a break above the neckline at 1.1040/1.0950. The extension in rebound is likely to continue towards 1.1340/90 probably even towards 1.1536, the projected target for the pattern.”
“With daily RSI testing a multi month resistance a pullback could take shape. However, it should be confined to 1.1040.”
Key Quotes
“EUR/USD is extending the phase of rebound after taking support from our earlier highlighted level of 1.05/1.04, which happens to be the multi decadal trend line.”
“The pair has formed a Double Bottom pattern at 1.05/1.04 levels and confirmed it by a break above the neckline at 1.1040/1.0950. The extension in rebound is likely to continue towards 1.1340/90 probably even towards 1.1536, the projected target for the pattern.”
“With daily RSI testing a multi month resistance a pullback could take shape. However, it should be confined to 1.1040.”