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10 Apr 2015
EUR/USD immediate support at 1.0550 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook and key levels for EUR/USD, noting that 4H charts suggest that the pair remains strongly bearish.
Key Quotes
“King dollar maintains its strong upward momentum ahead of the US opening, with the EUR/USD pair falling to fresh lows below the 1.0600 level. There has been no catalyst behind the latest dollar's rally beyond self strength triggered by the latest FOMC Minutes.”
“US indexes are pointing to open higher, which can limiting dollar gains in the short term, albeit the EUR has little support to rally, should the greenback come under pressure.”
“Technically, the 1 hour chart shows that the price develops below a bearish 20 SMA, now capping the upside around 1.0640, whilst the technical indicators continue to head lower despite in oversold territory.”
“In the 4 hours chart the technical picture is also strongly bearish, with a break below 1.0550 required now to see a downward acceleration in the pair, towards the year low."
“Support levels: 1.0550 1.0510 1.0460”
“Resistance levels: 1.0640 1.0680 1.0715"
Key Quotes
“King dollar maintains its strong upward momentum ahead of the US opening, with the EUR/USD pair falling to fresh lows below the 1.0600 level. There has been no catalyst behind the latest dollar's rally beyond self strength triggered by the latest FOMC Minutes.”
“US indexes are pointing to open higher, which can limiting dollar gains in the short term, albeit the EUR has little support to rally, should the greenback come under pressure.”
“Technically, the 1 hour chart shows that the price develops below a bearish 20 SMA, now capping the upside around 1.0640, whilst the technical indicators continue to head lower despite in oversold territory.”
“In the 4 hours chart the technical picture is also strongly bearish, with a break below 1.0550 required now to see a downward acceleration in the pair, towards the year low."
“Support levels: 1.0550 1.0510 1.0460”
“Resistance levels: 1.0640 1.0680 1.0715"