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2 Mar 2015
EUR/USD might see 1.1096 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, a downside move towards 1.1096 could be seen in EUR/USD if the pair fails to extend above 1.1182-1.12 levels.
Key Quotes
“On the hourly chart, the immediate resistance is seen at 1.1182. A break above the same could push the pair higher to 1.1243 levels.”
“Meanwhile, a failure to rise above 1.1182-1.12 could see the pair fall to 1.1096 (Jan. 25 low).”
“An upbeat final PMI number across the Eurozone could support the pair, however, the Eurozone preliminary CPI number would be more closely watched by the markets. An uptick in the core inflation from the previous figure of 0.6%, coupled with a slowdown in the fall in the headline CPI figure could help the pair rise to 1.1243 levels. However, a surprisingly weak print ahead of the ECB meeting this week could weigh heavily on the EUR.”
“The hourly and 4-hour RSI has turned higher from the oversold zone, which could push the pair up to 5-DMA at 1.1220. Still, the bearish daily RSI could see a fresh selling pressure as we move closer to 1.1220-1.1243 levels.”
Key Quotes
“On the hourly chart, the immediate resistance is seen at 1.1182. A break above the same could push the pair higher to 1.1243 levels.”
“Meanwhile, a failure to rise above 1.1182-1.12 could see the pair fall to 1.1096 (Jan. 25 low).”
“An upbeat final PMI number across the Eurozone could support the pair, however, the Eurozone preliminary CPI number would be more closely watched by the markets. An uptick in the core inflation from the previous figure of 0.6%, coupled with a slowdown in the fall in the headline CPI figure could help the pair rise to 1.1243 levels. However, a surprisingly weak print ahead of the ECB meeting this week could weigh heavily on the EUR.”
“The hourly and 4-hour RSI has turned higher from the oversold zone, which could push the pair up to 5-DMA at 1.1220. Still, the bearish daily RSI could see a fresh selling pressure as we move closer to 1.1220-1.1243 levels.”