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10 Apr 2015
EUR/USD might see further downside below 1.0580 – FXStreet
FXStreet (Barcelona) - With EUR/USD breaking through 1.0600, Valeria Bednarik, Chief Analyst at FXStreet, views that the bearish tone will prevail for the pair whilst below 1.0640, further anticipating a move towards 1.0520/40 area if 1.0580 gives away.
Key Quotes
“The EUR/USD pair's 4 hours chart shows that its extremely oversold short term, although the technical indicators continue to head lower despite in extreme levels.”
“Struggling around the 1.0600 level, an upward corrective movement can't be disregarded, albeit former intraday lows in the 1.0640 should attract selling interest.”
“If that's the case, the bearish tone will prevail, with a downward acceleration below 1.0580 signaling further declines towards the 1.0520/40 region.”
“Above 1.0640, the upward corrective movement can extend up to 1.0710, a strong Fibonacci resistance, albeit additional gains are unlikely before the week is over.”
Key Quotes
“The EUR/USD pair's 4 hours chart shows that its extremely oversold short term, although the technical indicators continue to head lower despite in extreme levels.”
“Struggling around the 1.0600 level, an upward corrective movement can't be disregarded, albeit former intraday lows in the 1.0640 should attract selling interest.”
“If that's the case, the bearish tone will prevail, with a downward acceleration below 1.0580 signaling further declines towards the 1.0520/40 region.”
“Above 1.0640, the upward corrective movement can extend up to 1.0710, a strong Fibonacci resistance, albeit additional gains are unlikely before the week is over.”