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31 Mar 2015
EUR/USD might see further declines below 1.0710 - FXStreet
FXStreet (Barcelona) - With EUR/USD continuing its slump, Valeria Bednarik, Chief Analyst at FXStreet, remains of the view that the pair might accelerate lower towards 1.0660 on a break below the immediate support at 1.0710.
Key Quotes
“The EUR/USD pair accelerated below 1.0800 and approaches 1.0710, the 23.6% retracement of its latest monthly slide and the immediate support.”
“In the 4 hours chart, the technical picture favors the downside, as the 20 SMA gains bearish slope well above the current level, around 1.0850, whilst the technical indicators stand in negative territory, particularly with the RSI heading sharply lower around 31.”
“Further declines below the mentioned Fibonacci level should lead to a downward acceleration towards the 1.0660, a strong static support level, whist if the slide extends below this last, the 1.0620 price zone comes next.”
“Former lows around the 1.0800 figure are the immediate resistance, and it will take a recovery above it to see the pair turning back north, eyeing then the 1.0865 level.”
Key Quotes
“The EUR/USD pair accelerated below 1.0800 and approaches 1.0710, the 23.6% retracement of its latest monthly slide and the immediate support.”
“In the 4 hours chart, the technical picture favors the downside, as the 20 SMA gains bearish slope well above the current level, around 1.0850, whilst the technical indicators stand in negative territory, particularly with the RSI heading sharply lower around 31.”
“Further declines below the mentioned Fibonacci level should lead to a downward acceleration towards the 1.0660, a strong static support level, whist if the slide extends below this last, the 1.0620 price zone comes next.”
“Former lows around the 1.0800 figure are the immediate resistance, and it will take a recovery above it to see the pair turning back north, eyeing then the 1.0865 level.”