9 Jul 2015
EUR/USD break below 1.10 to see further losses – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals suggest that EUR/USD break below 1.10 handle might see losses towards 1.0950/60.
Key Quotes
“Investors are holding their breath this Thursday, waiting for Greek PM Tsipras to present a detailed list of actions, in order to get the third bailout requested earlier this week. The common currency enjoyed some demand during the Asian session, as local share markets surged, easing the strong risk-averse sentiment seen on the last few sessions. But the EUR came under selling pressure in the European morning, and the EUR/USD dropped down to 1.1023.”
“Ahead of Wall Street's opening, the 1 hour chart shows that the price is unable to advance above its 20 SMA, whilst the technical indicators heading lower below their mid-lines, supporting additional declines.”
“In the 4 hours chart, however, buyers are surging on approaches to its 20 SMA, whilst the technical indicators are posting tepid bounces from their mid-lines.”
“Nevertheless, upcoming movements in the pair will depend on Athens move, rather than on technical readings. A break below the 1.100 figure however, should see the pair returning to the 1.0950/60 price zone, whilst the upside will remain limited as long as selling interest surges on approaches to the 1.1120 region.”
“Support levels: 1.1050 1.1000 1.0955”
“Resistance levels: 1.1090 1.1120 1.1160”
Key Quotes
“Investors are holding their breath this Thursday, waiting for Greek PM Tsipras to present a detailed list of actions, in order to get the third bailout requested earlier this week. The common currency enjoyed some demand during the Asian session, as local share markets surged, easing the strong risk-averse sentiment seen on the last few sessions. But the EUR came under selling pressure in the European morning, and the EUR/USD dropped down to 1.1023.”
“Ahead of Wall Street's opening, the 1 hour chart shows that the price is unable to advance above its 20 SMA, whilst the technical indicators heading lower below their mid-lines, supporting additional declines.”
“In the 4 hours chart, however, buyers are surging on approaches to its 20 SMA, whilst the technical indicators are posting tepid bounces from their mid-lines.”
“Nevertheless, upcoming movements in the pair will depend on Athens move, rather than on technical readings. A break below the 1.100 figure however, should see the pair returning to the 1.0950/60 price zone, whilst the upside will remain limited as long as selling interest surges on approaches to the 1.1120 region.”
“Support levels: 1.1050 1.1000 1.0955”
“Resistance levels: 1.1090 1.1120 1.1160”