11 Feb 2015
EUR/USD correction complete, downside exposed – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the EUR/USD correction is now complete and the pair is set to extend its long-term decline.
Key Quotes
“Uncertainty over a Greek debt deal in Europe is keeping the common currency subdued this Wednesday, with the EUR/USD hovering around the 1.1315 level, 50% retracement of its latest bullish run, measured from 1.1097 to 1.1533.”
“The pair has found a temporal floor in the 1.1097 mentioned level, the lowest in 11 years, reached after the ECB's announcement of launch QE as soon as next March. The 400 pips following recovery however, seems to have been barely corrective and the pair could now extend its long term decline.”
“The intraday picture remains neutral, with the 4 hours chart showing that the 20 SMA extended its bearish slope towards the current price zone, but the technical indicators hold horizontal around their midlines.”
“In the same chart, is clear that buyers surged multiple times around the 61.8% retracement of the same rally at 1.1265 during this month, becoming the key support level for break to confirm further declines towards the 1.1200 figure.”
“Sellers on the other hand, stand at 1.1360/70, meaning a price acceleration above it is required to see the pair advancing up to 1.1440, next strong resistance level.”
Key Quotes
“Uncertainty over a Greek debt deal in Europe is keeping the common currency subdued this Wednesday, with the EUR/USD hovering around the 1.1315 level, 50% retracement of its latest bullish run, measured from 1.1097 to 1.1533.”
“The pair has found a temporal floor in the 1.1097 mentioned level, the lowest in 11 years, reached after the ECB's announcement of launch QE as soon as next March. The 400 pips following recovery however, seems to have been barely corrective and the pair could now extend its long term decline.”
“The intraday picture remains neutral, with the 4 hours chart showing that the 20 SMA extended its bearish slope towards the current price zone, but the technical indicators hold horizontal around their midlines.”
“In the same chart, is clear that buyers surged multiple times around the 61.8% retracement of the same rally at 1.1265 during this month, becoming the key support level for break to confirm further declines towards the 1.1200 figure.”
“Sellers on the other hand, stand at 1.1360/70, meaning a price acceleration above it is required to see the pair advancing up to 1.1440, next strong resistance level.”