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26 Apr 2016
EUR/USD: 4hr technicals positive, but waiting Fed - FXStreet
In resepct of EUR/USD,Valeria Bednarik, chief analyst at FXstreet explained that the 4 hours chart posts a mild positive tone, yet the upcoming direction will solely depend on how the market reacts to the FED.
Key Quotes:
"The mentioned daily high is the immediate resistance, followed by the 1.1380/90 region, where the pair presents multiple daily highs from these past months. Gains beyond this last should lead to a test of the critical 1.1460 region, whilst beyond this last, the rally can extend up to 1.1500 in the short term, but leave then doors opened for a rally up to 1.1713, August 2015 monthly high.
The immediate short term support comes at 1.1270, followed by the mentioned 1.1220 Fibonacci level. It seems unlikely that the pair can break below this last, unless the FED makes it clear that it will actually raise rates in June, with the next bearish target then at 1.1160."
Key Quotes:
"The mentioned daily high is the immediate resistance, followed by the 1.1380/90 region, where the pair presents multiple daily highs from these past months. Gains beyond this last should lead to a test of the critical 1.1460 region, whilst beyond this last, the rally can extend up to 1.1500 in the short term, but leave then doors opened for a rally up to 1.1713, August 2015 monthly high.
The immediate short term support comes at 1.1270, followed by the mentioned 1.1220 Fibonacci level. It seems unlikely that the pair can break below this last, unless the FED makes it clear that it will actually raise rates in June, with the next bearish target then at 1.1160."