30 Apr 2015
EUR/USD might correct lower to 1.1050 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes technicals suggests a correction towards 1.1050 might be seen in EUR/USD, breaking below this might open up 1.0966.
Key Quotes
“The pair currently trades 1.1098, after being rejected at the 100-DMA located at 1.1120 earlier today. The daily close above 1.1050 has turned the short-term technical outlook bullish. However, fresh bids are seen only in case of a daily close above the 100-DMA.”
“Given the overbought RSI on the intraday charts, a correction to 1.1050 could be seen today. A break below the same could open doors for 1.0966.”
“A close below 1.0966 (76.4% Fib expansion of 1.0461-1.1050-1.0519) would indicate the near-term top is made and risks sending pair down to 1.09-1.092 area.”
Key Quotes
“The pair currently trades 1.1098, after being rejected at the 100-DMA located at 1.1120 earlier today. The daily close above 1.1050 has turned the short-term technical outlook bullish. However, fresh bids are seen only in case of a daily close above the 100-DMA.”
“Given the overbought RSI on the intraday charts, a correction to 1.1050 could be seen today. A break below the same could open doors for 1.0966.”
“A close below 1.0966 (76.4% Fib expansion of 1.0461-1.1050-1.0519) would indicate the near-term top is made and risks sending pair down to 1.09-1.092 area.”