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23 Jan 2015
EUR/USD might recover some losses – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, the EUR/USD pair might recover some losses due to short covering ahead of the weekend.
Key Quotes
“The EUR/USD pair re-tested previous session’s low at 1.1316, before settling slightly higher at 1.1333 levels. The pair is oversold as per the RSI on the daily as well as the hourly charts.”
“On the hourly charts, the pair may form a bullish divergence with the RSI, however, a short corrective rally can be anticipated only above 1.1375 levels. In such a case, the pair can extend gains to 1.1450 levels.”
“Moreover, unwinding of short positions ahead of the weekend may see a partial recovery of losses in the EUR/USD pair.”
“Meanwhile, a break below 1.13 levels shall open doors for a sell-off to 1.1210 (July 1991 low).”
Key Quotes
“The EUR/USD pair re-tested previous session’s low at 1.1316, before settling slightly higher at 1.1333 levels. The pair is oversold as per the RSI on the daily as well as the hourly charts.”
“On the hourly charts, the pair may form a bullish divergence with the RSI, however, a short corrective rally can be anticipated only above 1.1375 levels. In such a case, the pair can extend gains to 1.1450 levels.”
“Moreover, unwinding of short positions ahead of the weekend may see a partial recovery of losses in the EUR/USD pair.”
“Meanwhile, a break below 1.13 levels shall open doors for a sell-off to 1.1210 (July 1991 low).”