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2 Jan 2015
EUR selloff might extend down to 1.19 levels – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the EUR/USD selloff might extend towards 1.19 levels if the pair tests 1.2000 levels, further noting the bearish bias to be intact.
Key Quotes
“The EUR/USD pair extended its latest decline in this first working day of 2015 to levels not seen since June 2010.“
“From a technical perspective, the bearish bias remains intact, as the 4 hours chart shows price declined further below its 20 SMA whilst RSI turned lower despite in oversold territory.”
“The immediate bearish target comes at the 1.2000 figure, and it won’t be easy to break on a first attempt; but if it’s tested and the bounce from it remains limited, chances are of a break lower, with the selloff most likely extending down to 1.19.”
“The 1.2070 level comes as the immediate intraday resistance, with a recovery above it probably triggering an upward corrective movement towards the 1.2120 price zone.”
Key Quotes
“The EUR/USD pair extended its latest decline in this first working day of 2015 to levels not seen since June 2010.“
“From a technical perspective, the bearish bias remains intact, as the 4 hours chart shows price declined further below its 20 SMA whilst RSI turned lower despite in oversold territory.”
“The immediate bearish target comes at the 1.2000 figure, and it won’t be easy to break on a first attempt; but if it’s tested and the bounce from it remains limited, chances are of a break lower, with the selloff most likely extending down to 1.19.”
“The 1.2070 level comes as the immediate intraday resistance, with a recovery above it probably triggering an upward corrective movement towards the 1.2120 price zone.”