20 Feb 2015
EUR/USD eyeing a test of 1.1250 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook for EUR/USD, further adding that with technicals supportive of another move lower, a break below 1.1300 should see the pair move towards 1.1250.
Key Quotes
“The EUR/USD pair bounces from a daily low of 1.1303, reached despite up beating PMI in the Euro area released earlier on the day, as local share markets trade in the red.”
“the slide was enough to send price below the daily ascendant trend line coming from 1.1097, which increases the risk of a stronger decline, at least from a technical point of view.”
“The 4 hours hart shows that the price develops below its 20 SMA while indicators head lower below their midlines, also supportive of another leg south, particularly if the 1.1300 level gives up.”
“Ever since February started, buyers have surged around 1.1250 a critical support level. If reached, should produce a short term bounce, unless the decline is triggered by no agreement in Europe, in which case, the pair can extend its drop down to 1.1200 before the day is over.”
“To the upside, the price needs to recover above 1.1365 to shrug off the negative tone and attempt to regain the 1.1400 figure.”
Key Quotes
“The EUR/USD pair bounces from a daily low of 1.1303, reached despite up beating PMI in the Euro area released earlier on the day, as local share markets trade in the red.”
“the slide was enough to send price below the daily ascendant trend line coming from 1.1097, which increases the risk of a stronger decline, at least from a technical point of view.”
“The 4 hours hart shows that the price develops below its 20 SMA while indicators head lower below their midlines, also supportive of another leg south, particularly if the 1.1300 level gives up.”
“Ever since February started, buyers have surged around 1.1250 a critical support level. If reached, should produce a short term bounce, unless the decline is triggered by no agreement in Europe, in which case, the pair can extend its drop down to 1.1200 before the day is over.”
“To the upside, the price needs to recover above 1.1365 to shrug off the negative tone and attempt to regain the 1.1400 figure.”