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26 Jan 2015
EUR/USD correcting higher – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, comments that the EUR/USD pair is undergoing an upside correction after hitting 11-year lows in the Asian trading, with the immediate support at 1.1190 levels.
Key Quotes
“The EUR/USD pair is recovering ground after hitting a fresh 11-year low of 1.1097 early Asian opening, having already filled the weekly opening gap. The pair trades steady above 1.1200 and advancing to new daily highs around 1.1260 after the release of German IFO survey showing local Business Climate rose above expected to 106.7.”
“In the meantime, the 4 hours chart for the EUR/USD pair shows that indicators aim higher from extreme oversold readings, supporting current upward correction whilst 20 SMA maintains a strong bearish slope well above current price.”
“The pair has an immediate static resistance around 1.1280/90, last Friday US session highs, and sellers will likely surge around it. If broken, the rally can extend up to 1.1330 price zone, although seems quite unlikely for today.”
“To the downside, the immediate support stands at 1.1190, and if broken, 1.1150 and 1.1100 are next bearish targets.”
Key Quotes
“The EUR/USD pair is recovering ground after hitting a fresh 11-year low of 1.1097 early Asian opening, having already filled the weekly opening gap. The pair trades steady above 1.1200 and advancing to new daily highs around 1.1260 after the release of German IFO survey showing local Business Climate rose above expected to 106.7.”
“In the meantime, the 4 hours chart for the EUR/USD pair shows that indicators aim higher from extreme oversold readings, supporting current upward correction whilst 20 SMA maintains a strong bearish slope well above current price.”
“The pair has an immediate static resistance around 1.1280/90, last Friday US session highs, and sellers will likely surge around it. If broken, the rally can extend up to 1.1330 price zone, although seems quite unlikely for today.”
“To the downside, the immediate support stands at 1.1190, and if broken, 1.1150 and 1.1100 are next bearish targets.”