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16 Mar 2015
Upward correction seeking 1.06 handle - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the technical conditions surrounding the Euro as we move over to Asia towards the end of USA shift.
Key Quotes:
"The EUR/USD pair corrected higher, reaching a daily high of 1.0618 before settling below the 1.0600 figure, and the 1 hour chart shows that the early upward potential has lost momentum, as the technical indicators retrace from overbought levels, whilst the price's advance failed to overcome the 100 SMA, a few pips above the current level."
"In the 4 hours chart the price is above a flat 20 SMA, for the first time since late February, whilst the technical indicators head higher although still below their mid-lines."
"The upward corrective movement could extend further, particularly on renewed strength above the 1.0600 figure, albeit the bearish dominant trend remains intact, and will likely resume with a break below the 1.0550 level."
Key Quotes:
"The EUR/USD pair corrected higher, reaching a daily high of 1.0618 before settling below the 1.0600 figure, and the 1 hour chart shows that the early upward potential has lost momentum, as the technical indicators retrace from overbought levels, whilst the price's advance failed to overcome the 100 SMA, a few pips above the current level."
"In the 4 hours chart the price is above a flat 20 SMA, for the first time since late February, whilst the technical indicators head higher although still below their mid-lines."
"The upward corrective movement could extend further, particularly on renewed strength above the 1.0600 figure, albeit the bearish dominant trend remains intact, and will likely resume with a break below the 1.0550 level."