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25 May 2015
EUR/USD offered below 1.1082 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, a EUR/USD bounce towards 1.1038 might be possible, but the pair remains offered while below 1.1082.
Key Quotes
“The sharp sell-off in the EUR/USD pair and a daily close below 1.1060 on Friday indicates the pair could have formed a near-term top at 1.1465. The pair also closed the previous week below 1.1293 (23.6% R of 1.3991-1.0461). At the moment, the pair is trading at 1.0979 (50-DMA) with the daily RSI at 41.51 indicating further room for a sell-off. A break below 1.0963 (50% R of 1.0461-1.1465) exposes 1.8045 (61.8% R of 1.0461-1.1465).”
“However, a minor bounce to 100-DMA located at 1.1038 cannot be ruled out as the 4-hour RSI is almost oversold now. Fresh offers could be seen on the bounce so long as the pair trades below 1.1082 (38.2% R of 1.0461-1.1465).”
Key Quotes
“The sharp sell-off in the EUR/USD pair and a daily close below 1.1060 on Friday indicates the pair could have formed a near-term top at 1.1465. The pair also closed the previous week below 1.1293 (23.6% R of 1.3991-1.0461). At the moment, the pair is trading at 1.0979 (50-DMA) with the daily RSI at 41.51 indicating further room for a sell-off. A break below 1.0963 (50% R of 1.0461-1.1465) exposes 1.8045 (61.8% R of 1.0461-1.1465).”
“However, a minor bounce to 100-DMA located at 1.1038 cannot be ruled out as the 4-hour RSI is almost oversold now. Fresh offers could be seen on the bounce so long as the pair trades below 1.1082 (38.2% R of 1.0461-1.1465).”