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4 May 2015
EUR/USD could extend its drop to 1.1124 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, believes that EUR/USD decline might extend towards 1.1124 levels, further expecting the pair to remain offered on rallies.
Key Quotes
“The pair currently trades at 1.1191, with the daily RSI having turned lower from the overbought region. The rejection faced around 1.1278 indicates a temporary top could have been made, which shifts risk in favor of a decline towards 1.1120-1.1130 levels.”
“However, the sell-off could resume once the pair breaks below its 5-DMA located at 1.1181.”
“On the upside, a break above 1.1201 (hourly 200-MA) could lead to a minor rally to 1.1250-1.1270. However, the EUR is likely to be offered on rallies, until we see a daily close above 1.1278.”
Key Quotes
“The pair currently trades at 1.1191, with the daily RSI having turned lower from the overbought region. The rejection faced around 1.1278 indicates a temporary top could have been made, which shifts risk in favor of a decline towards 1.1120-1.1130 levels.”
“However, the sell-off could resume once the pair breaks below its 5-DMA located at 1.1181.”
“On the upside, a break above 1.1201 (hourly 200-MA) could lead to a minor rally to 1.1250-1.1270. However, the EUR is likely to be offered on rallies, until we see a daily close above 1.1278.”