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27 Mar 2015
EUR/USD technicals supporting a downward extension – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals suggest that EUR/USD might extend its losses, anticipating a break below 1.0780 to pave way for 1.0710/20.
Key Quotes
“Technically, the pair was rejected from the 50% retracement of the February/March slide around 1.1000, and it currently trades below the 38.2% retracement of the same rally, at 1.0865, which means additional declines today will confirm the upward leg was merely corrective, and that the pair will most likely, resume its bearish trend.”
“The 4 hours chart shows that the 20 SMA gains bearish slope well above the current price, limiting the upside around 1.0950, whilst the technical indicators head lower below their mid-lines, supporting a downward extension.”
“A downward acceleration below 1.0780, may see the pair closing the week around 1.0710/20, while above 1.0865, the rally can extend up to the 1.0910 price zone.”
Key Quotes
“Technically, the pair was rejected from the 50% retracement of the February/March slide around 1.1000, and it currently trades below the 38.2% retracement of the same rally, at 1.0865, which means additional declines today will confirm the upward leg was merely corrective, and that the pair will most likely, resume its bearish trend.”
“The 4 hours chart shows that the 20 SMA gains bearish slope well above the current price, limiting the upside around 1.0950, whilst the technical indicators head lower below their mid-lines, supporting a downward extension.”
“A downward acceleration below 1.0780, may see the pair closing the week around 1.0710/20, while above 1.0865, the rally can extend up to the 1.0910 price zone.”