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5 Jan 2015
EUR/USD may retest 1.1870 levels – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the chances for any upward corrective movement are mild for the EUR, and a break below the 1.1920 support can lead to a retest of 1.1870 levels.
Key Quotes
“Having closed last week a couple pips above the 1.2000 figure, the pair still has an unfilled gap as the high so far this Monday has been 1.1977. But technically, seems there are little chances of a run higher, as the 4 hours chart shows that after a mild upward corrective movement from extreme oversold readings, technical indicators turned back south.”
“The pair has found intraday support around 1.1920 after bouncing from the mentioned low, meaning some downward continuation below it should lead to a retest of the 1.1870 price zone. If this last level gives up the slide can extend down to the 1.1820/30 price zone during the upcoming sessions.”
“Above 1.1975 on the other hand, the pair may attempt to fill the gap and recovery up to 1.2000/10 price zone, albeit the level should attract selling interest, which will prevent the pair from advancing further.”
Key Quotes
“Having closed last week a couple pips above the 1.2000 figure, the pair still has an unfilled gap as the high so far this Monday has been 1.1977. But technically, seems there are little chances of a run higher, as the 4 hours chart shows that after a mild upward corrective movement from extreme oversold readings, technical indicators turned back south.”
“The pair has found intraday support around 1.1920 after bouncing from the mentioned low, meaning some downward continuation below it should lead to a retest of the 1.1870 price zone. If this last level gives up the slide can extend down to the 1.1820/30 price zone during the upcoming sessions.”
“Above 1.1975 on the other hand, the pair may attempt to fill the gap and recovery up to 1.2000/10 price zone, albeit the level should attract selling interest, which will prevent the pair from advancing further.”