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2 Jan 2015
EUR/USD: Not much in the way until 1.1900 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares that with the technical indicators heading south and the daily charts presenting a strong bearish momentum, there is not much in the way for EUR/USD pair until 1.1900 levels if it breaks below 1.2000.
Key Quotes
“The EUR/USD pair debut in this 2015 sees it dangerously close to the 1.2000 level for the first time since June 2010”
“Data was far from encouraging both shores of the Atlantic, but the dollar rules anyway: as a new month starts, market attention shifts to Central Banks possible movements, with the ECB expected to introduce some further stimulus as deflation and lack of growth become more evident month after month.”
“The US by opposition, will release next week its employment figures, and there are no signs the strong growth seen on previous months will suffer a setback.”
“Technically, the weekly chart of the EUR/USD pair shows that price continues to slide below its moving averages, whilst indicators head south below their midlines, with RSI around 25 after a failure attempt of correcting higher, and with no bottom yet confirmed in the indicator.”
“In the daily chart indicators present a strong bearish momentum also supportive of a continued decline.”
“The immediate supports stands at the 1.2000 psychological figure, and if broken, there is little in the way down to the 1.1900 level. There’s a possibility this last gives up next week, and it that case the next big long term support stands in the 1.1650 area.”
“Last December week low around 1.2160 is the immediate resistance level, followed by 1.2250 price zone. Upward movements up to this last are possible but not likely, and market players will see those advances more as selling opportunities than as signs of a bottom.”
Key Quotes
“The EUR/USD pair debut in this 2015 sees it dangerously close to the 1.2000 level for the first time since June 2010”
“Data was far from encouraging both shores of the Atlantic, but the dollar rules anyway: as a new month starts, market attention shifts to Central Banks possible movements, with the ECB expected to introduce some further stimulus as deflation and lack of growth become more evident month after month.”
“The US by opposition, will release next week its employment figures, and there are no signs the strong growth seen on previous months will suffer a setback.”
“Technically, the weekly chart of the EUR/USD pair shows that price continues to slide below its moving averages, whilst indicators head south below their midlines, with RSI around 25 after a failure attempt of correcting higher, and with no bottom yet confirmed in the indicator.”
“In the daily chart indicators present a strong bearish momentum also supportive of a continued decline.”
“The immediate supports stands at the 1.2000 psychological figure, and if broken, there is little in the way down to the 1.1900 level. There’s a possibility this last gives up next week, and it that case the next big long term support stands in the 1.1650 area.”
“Last December week low around 1.2160 is the immediate resistance level, followed by 1.2250 price zone. Upward movements up to this last are possible but not likely, and market players will see those advances more as selling opportunities than as signs of a bottom.”