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4 May 2015
EUR/USD downside risk limited while above 1.1120 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes EUR/USD downside risks remain limited while the pair trades above 1.1120, but requires a break above 1.1200 to bring bulls back in action.
Key Quotes
“The dollar found some limited demand in quite thin trading, higher against most of its rivals in the European morning with London off on holidays. Earlier in the day, European PMIs come out mixed, with German and EU ones beating expectations, but showing an increased slowdown in France, Spain and Greece.”
“.. the 1 hour chart shows that the price stands below its 20 SMA but bouncing from a bullish 100 SMA, the immediate support around 1.1120. In the same chart, the technical indicators are aiming north well below their mid-lines, and far from suggesting additional gains at the time being. In the 4 hours chart, the pair broke below its 20 SMA, currently around 1.1200, whilst the Momentum indicator heads lower below 100 and the RSI turns flat around 54.”
“The immediate support stands at 1.1120, and the downward risk will remain limited as long as above it, albeit a recovery above 1.1200 is required to see bulls retaking the lead.“
“Support levels: 1.1120 1.1085 1.1050”
“Resistance levels: 1.1160 1.1200 1.1245”
Key Quotes
“The dollar found some limited demand in quite thin trading, higher against most of its rivals in the European morning with London off on holidays. Earlier in the day, European PMIs come out mixed, with German and EU ones beating expectations, but showing an increased slowdown in France, Spain and Greece.”
“.. the 1 hour chart shows that the price stands below its 20 SMA but bouncing from a bullish 100 SMA, the immediate support around 1.1120. In the same chart, the technical indicators are aiming north well below their mid-lines, and far from suggesting additional gains at the time being. In the 4 hours chart, the pair broke below its 20 SMA, currently around 1.1200, whilst the Momentum indicator heads lower below 100 and the RSI turns flat around 54.”
“The immediate support stands at 1.1120, and the downward risk will remain limited as long as above it, albeit a recovery above 1.1200 is required to see bulls retaking the lead.“
“Support levels: 1.1120 1.1085 1.1050”
“Resistance levels: 1.1160 1.1200 1.1245”