19 Jan 2015
EUR/USD likely to take out 1.1590 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, the EUR/USD pair is likely to take out 1.1590 levels, which might open doors for a re-test of 1.1625 levels.
Key Quotes
“The EUR/USD pair finished weak on Friday at 1.1569 levels, after having recovered from the low of 1.1460. A weak recovery is seen today as the pair struggles at the resistance located at 1.1567 levels, with the daily RSI oversold at 18.00 levels.”
“Meanwhile, on the hourly chart, the pair has flattened out in narrow range of 1.155-1.1590 levels. Thus, a break above 1.1590 levels shall open doors for a re-test of 1.1625 levels (hourly 50-SMA).”
“Moreover, a rise above 1.1590 shall push the hourly RSI above 50.00 levels, leading to further gains in the pair. The pair has breached a minor falling trend line resistance on the hourly charts, thus it is more likely to take out 1.1590 levels.”
“However, the immediate upside still appears capped around 1.1650 levels. On the other hand, a break below 1.155 shall push the pair back to 1.15 levels.”
Key Quotes
“The EUR/USD pair finished weak on Friday at 1.1569 levels, after having recovered from the low of 1.1460. A weak recovery is seen today as the pair struggles at the resistance located at 1.1567 levels, with the daily RSI oversold at 18.00 levels.”
“Meanwhile, on the hourly chart, the pair has flattened out in narrow range of 1.155-1.1590 levels. Thus, a break above 1.1590 levels shall open doors for a re-test of 1.1625 levels (hourly 50-SMA).”
“Moreover, a rise above 1.1590 shall push the hourly RSI above 50.00 levels, leading to further gains in the pair. The pair has breached a minor falling trend line resistance on the hourly charts, thus it is more likely to take out 1.1590 levels.”
“However, the immediate upside still appears capped around 1.1650 levels. On the other hand, a break below 1.155 shall push the pair back to 1.15 levels.”