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28 Jan 2015
EUR/USD has more room to the upside - FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, EUR/USD might extend its upside towards 1.1457 levels on a hourly close above 1.14 levels.
Key Quotes
“The EUR/USD pair breached the inverted head and shoulder formation on the hourly chart and finished higher at 1.1379 levels on Tuesday. The recovery witnessed in the two consecutive sessions has stalled today as the pair trades slightly under pressure at 1.1365 levels.”
“On the hourly chart, the pair managed to take support at the 100-SMA earlier today. However, the hourly RSI has breached the rising channel, indicating the upside may be temporarily restricted around 1.14 levels.”
“Another attempt at 1.14 is likely, although further upside would require an hourly closing above 1.14. In such a case the gains could be extended to 1.1457 (hourly 200-SMA).”
“On the other hand, another failure to take out 1.14 shall open doors for a re-test of rising trend line support on hourly chart located at 1.1330 levels.”
“Overall, the intraday outlook stays bullish so long as the pair trades above the inverted head and shoulder neckline located at 1.13.”
Key Quotes
“The EUR/USD pair breached the inverted head and shoulder formation on the hourly chart and finished higher at 1.1379 levels on Tuesday. The recovery witnessed in the two consecutive sessions has stalled today as the pair trades slightly under pressure at 1.1365 levels.”
“On the hourly chart, the pair managed to take support at the 100-SMA earlier today. However, the hourly RSI has breached the rising channel, indicating the upside may be temporarily restricted around 1.14 levels.”
“Another attempt at 1.14 is likely, although further upside would require an hourly closing above 1.14. In such a case the gains could be extended to 1.1457 (hourly 200-SMA).”
“On the other hand, another failure to take out 1.14 shall open doors for a re-test of rising trend line support on hourly chart located at 1.1330 levels.”
“Overall, the intraday outlook stays bullish so long as the pair trades above the inverted head and shoulder neckline located at 1.13.”