25 Mar 2015
Bears looking for a break below 38.2% fibo - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted and explained that the EUR/USD pair traded quite volatile all through the US day, rising briefly up to 1.1028 before setting a daily low of 1.0890.
Key Quotes:
"The pair ended the day a handful of pips above the 1.0900 level, having been rejected from the 50% retracement of the February/March downward move at 1.0997, and with the short term picture favoring the downside, as the 1 hour chart shows that the 20 SMA heads above the current price, whilst the technical indicators have also turned south, although in neutral territory."
'In the 4 hours chart the 20 SMA maintains a strong bullish slope well below the current price, acting as dynamic support around 1.0830, while the Momentum indicators has turned sharply lower from overbought territory and maintains its bearish bias above 100, and the RSI indicator stands flat around 60."
"The 38.2% retracement of the same rally stands at 1.0865, with a break below it probably signaling the USD is ready to resume its advance."
Key Quotes:
"The pair ended the day a handful of pips above the 1.0900 level, having been rejected from the 50% retracement of the February/March downward move at 1.0997, and with the short term picture favoring the downside, as the 1 hour chart shows that the 20 SMA heads above the current price, whilst the technical indicators have also turned south, although in neutral territory."
'In the 4 hours chart the 20 SMA maintains a strong bullish slope well below the current price, acting as dynamic support around 1.0830, while the Momentum indicators has turned sharply lower from overbought territory and maintains its bearish bias above 100, and the RSI indicator stands flat around 60."
"The 38.2% retracement of the same rally stands at 1.0865, with a break below it probably signaling the USD is ready to resume its advance."