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16 Mar 2015
EUR/USD critical resistance at 1.0550 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, gives the technical outlook for EUR/USD, noting that a break above the critical resistance at 1.0550 might pave way for 1.0600 levels.
Key Quotes
“Technically, the 4 hours chart shows that the price retraced from the strong static resistance level, whilst the 20 SMA maintains a bearish slope right above 1.0550, reinforcing its strength.”
“The momentum indicator turned lower after failing to overcome the 100 level, whilst the RSI hovers around 36, having corrected oversold conditions but lacking upward strength.”
“The bearish dominant trend remains firm in place, albeit the pair may continue correcting higher, particularly if the price accelerates above the mentioned resistance level, eyeing the 1.0600 figure.”
“Renewed selling pressure below 1.0510 on the other hand, should see the pair accelerating lower, with 1.0470 as the next short term bearish target. Beyond this last, 1.0435 comes next.”
Key Quotes
“Technically, the 4 hours chart shows that the price retraced from the strong static resistance level, whilst the 20 SMA maintains a bearish slope right above 1.0550, reinforcing its strength.”
“The momentum indicator turned lower after failing to overcome the 100 level, whilst the RSI hovers around 36, having corrected oversold conditions but lacking upward strength.”
“The bearish dominant trend remains firm in place, albeit the pair may continue correcting higher, particularly if the price accelerates above the mentioned resistance level, eyeing the 1.0600 figure.”
“Renewed selling pressure below 1.0510 on the other hand, should see the pair accelerating lower, with 1.0470 as the next short term bearish target. Beyond this last, 1.0435 comes next.”