7 May 2015
EUR/USD gains towards 1.1420/30 expected – AceTrader
FXStreet (Barcelona) - The AceTrader Team gives the technical outlook and key levels for EUR/USD, expecting some consolidation before the pair registers gains towards 1.1420/30.
Key Quotes
“Euro's rally to a fresh 10-week high of 1.1371 (New York) suggests up move from March's 12-year trough at 1.0457 to retrace long-term decline remains in progress and further gain to 1.1420/30 is seen after consolidation, however, loss of momentum should cap price below daily chart resistance at 1.1455 today and risk has increased for a minor correction later.”
“On the downside, only a daily close below 1.1290 (Tuesday high, now support) would indicate a temporary top is made and shift risk to downside for subsequent weakness towards 1.1202.”
Key Quotes
“Euro's rally to a fresh 10-week high of 1.1371 (New York) suggests up move from March's 12-year trough at 1.0457 to retrace long-term decline remains in progress and further gain to 1.1420/30 is seen after consolidation, however, loss of momentum should cap price below daily chart resistance at 1.1455 today and risk has increased for a minor correction later.”
“On the downside, only a daily close below 1.1290 (Tuesday high, now support) would indicate a temporary top is made and shift risk to downside for subsequent weakness towards 1.1202.”