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6 Jan 2015
EUR/USD might slide towards 1.1800/20 levels – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, anticipates the EUR/USD pair to head towards the 1.800/20 price zone if the pair breaks the earlier low at 1.1866, further adding that a positive US data later in day can be the trigger Euro bears await.
Key Quotes
“The EUR/USD pair resumed its slide this Tuesday, following the release of Markit Services PMI in the EZ, with weak readings reaffirming the local economic slowdown. Europe number resulted of 51.6, weighting on the EUR/USD that trades back near the 1.1900 level.“
“Later on the day, Markit and ISM non manufacturing PMIs will be released in the US, and if positive, will highlight the imbalance between both economies and therefore trigger further slides.”
“Technically, the 4 hours chart shows that indicators had corrected partially extreme oversold readings, but turned back south, supporting the ongoing bearish momentum, whilst 20 SMA extended its decline now offering resistance in the 1.2010 price zone.”
“The low set early in the week around 1.1866 is the level to break as a slide below should expose the pair to a continued selloff towards the 1.1800/20 price zone.”
“Above 1.1920 on the other hand, the pair may see a short term recovery up to 1.1950/70 price zone.”
Key Quotes
“The EUR/USD pair resumed its slide this Tuesday, following the release of Markit Services PMI in the EZ, with weak readings reaffirming the local economic slowdown. Europe number resulted of 51.6, weighting on the EUR/USD that trades back near the 1.1900 level.“
“Later on the day, Markit and ISM non manufacturing PMIs will be released in the US, and if positive, will highlight the imbalance between both economies and therefore trigger further slides.”
“Technically, the 4 hours chart shows that indicators had corrected partially extreme oversold readings, but turned back south, supporting the ongoing bearish momentum, whilst 20 SMA extended its decline now offering resistance in the 1.2010 price zone.”
“The low set early in the week around 1.1866 is the level to break as a slide below should expose the pair to a continued selloff towards the 1.1800/20 price zone.”
“Above 1.1920 on the other hand, the pair may see a short term recovery up to 1.1950/70 price zone.”