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11 May 2015
EUR/USD bearish, approaching key support at 1.1120 – FXStreet
FXStreet (Barcelona) - Starting the week on a negative foot, EUR/USD is seen approaching the critical support at 1.1120, breaking below which will pave way for a quick decline towards 1.1050/60 levels, explains Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The 1 hour chart shows that the price remained capped by a bearish 20 SMA ever since the day started, whilst the technical indicators head lower below their mid-lines.”
“In the 4 hours chart the technical stance is also bearish, as the 20 SMA turned lower well above the current price whilst the technical indicators extended their decline further into negative territory.”
“The price approaches a critical support at 1.1120, and a good amount of stops should lie below it, which means a break through the level should trigger a quick downward extension towards the 1.1050/60 region, where some buying interest is expected to halt the slide.”
“Support levels: 1.1120 1.1055 1.1020”
“Resistance levels: 1.1170 1.1215 1.1265”
Key Quotes
“The 1 hour chart shows that the price remained capped by a bearish 20 SMA ever since the day started, whilst the technical indicators head lower below their mid-lines.”
“In the 4 hours chart the technical stance is also bearish, as the 20 SMA turned lower well above the current price whilst the technical indicators extended their decline further into negative territory.”
“The price approaches a critical support at 1.1120, and a good amount of stops should lie below it, which means a break through the level should trigger a quick downward extension towards the 1.1050/60 region, where some buying interest is expected to halt the slide.”
“Support levels: 1.1120 1.1055 1.1020”
“Resistance levels: 1.1170 1.1215 1.1265”