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20 May 2015
EUR/USD 1.1000 back in focus for the bears - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/USD fell down to a fresh 2-week low of 1.1118 before finally stalling its slide, spending most of the American session consolidating below the 1.1160/70 region, the immediate short term resistance.
Key Quotes:
"In the 1 hour chart, the price has fallen far below its 100 and 200 SMAs, whilst the 20 SMA maintains a strong bearish slope and stands around 1.1220, and the technical indicators are trying to recover from oversold levels."
"In the 4 hours chart, the Momentum indicator continues to head lower, despite in extreme oversold levels, whilst the RSI hovers around 31. The price stalled at the 61.8% retracement of the bearish run between February and March, around 1.1120, and buyers have surged around it ever since the price broke above it by the end of April. Should the decline extend below it, the slide will likely extend towards the 1.1000 figure, as bears will retake control of the pair."
Key Quotes:
"In the 1 hour chart, the price has fallen far below its 100 and 200 SMAs, whilst the 20 SMA maintains a strong bearish slope and stands around 1.1220, and the technical indicators are trying to recover from oversold levels."
"In the 4 hours chart, the Momentum indicator continues to head lower, despite in extreme oversold levels, whilst the RSI hovers around 31. The price stalled at the 61.8% retracement of the bearish run between February and March, around 1.1120, and buyers have surged around it ever since the price broke above it by the end of April. Should the decline extend below it, the slide will likely extend towards the 1.1000 figure, as bears will retake control of the pair."