24 Feb 2016
EUR/USD: cautiously bearish - FXStreet
Ani Salama, economist at FXStreet noted the technical conditions surrounding EUR/USD form overnight as a foundation for the day ahead.
Key Quotes:
"EUR/USD briefly fell below the 1.10 mark and posted its lowest level in 3 weeks at 1.0989 but managed to recover slightly and spent the last hours in a range just above 1.1010.
Technically, the 1 hour chart shows indicators flat below their mid-lines while spot trades just below a flat 20-SMA, maintaining a slight negative tone. In the 4 hours chart, RSI has already corrected oversold conditions but indicators remain in negative territory, favouring a downward continuation, with the 1.0900 area as next bearish target."
"Support levels: 1.0990 1.0962 1.0900. Resistance levels: 1.1050 1.1090 1.1140."
Key Quotes:
"EUR/USD briefly fell below the 1.10 mark and posted its lowest level in 3 weeks at 1.0989 but managed to recover slightly and spent the last hours in a range just above 1.1010.
Technically, the 1 hour chart shows indicators flat below their mid-lines while spot trades just below a flat 20-SMA, maintaining a slight negative tone. In the 4 hours chart, RSI has already corrected oversold conditions but indicators remain in negative territory, favouring a downward continuation, with the 1.0900 area as next bearish target."
"Support levels: 1.0990 1.0962 1.0900. Resistance levels: 1.1050 1.1090 1.1140."