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23 Jan 2015
EUR/USD returns to 1.1220
FXStreet (Edinburgh) - False alarm. The bullish attempt to the upper-1.1200s run out of legs and prompted sellers to step in again and drag EUR/USD back to the 1.1215/20 band.
EUR/USD bearishness intact
The pair partially retraced the bull run to the 1.1290 area during the European evening, in a context where buying interest struggles to remain alive and every bull run is regarded as a selling opportunity. Moving forward to Monday’s calendar, the key IFO indicator is due in Germany followed by Retail Sales in the euro bloc. Consensus expects the German release to improve in all of its components for the present month.
Subscribing to the current scenario, strategists at TD Securities argued “Any near-term rebound would be merely corrective though and would represent a selling opportunity”.
EUR/USD key levels
At the moment the pair is losing 1.16% at 1.1228 with the next support at 1.1200 (psychological level) ahead of 1.1115 (2015 low Jan.23) and then 1.1100 (psychological level). On the flip side, a breakout of 1.1291 (hourly high Jan.23) would aim for 1.1376 (high Jan.23) and then 1.1393 (hourly high Jan.22).
EUR/USD bearishness intact
The pair partially retraced the bull run to the 1.1290 area during the European evening, in a context where buying interest struggles to remain alive and every bull run is regarded as a selling opportunity. Moving forward to Monday’s calendar, the key IFO indicator is due in Germany followed by Retail Sales in the euro bloc. Consensus expects the German release to improve in all of its components for the present month.
Subscribing to the current scenario, strategists at TD Securities argued “Any near-term rebound would be merely corrective though and would represent a selling opportunity”.
EUR/USD key levels
At the moment the pair is losing 1.16% at 1.1228 with the next support at 1.1200 (psychological level) ahead of 1.1115 (2015 low Jan.23) and then 1.1100 (psychological level). On the flip side, a breakout of 1.1291 (hourly high Jan.23) would aim for 1.1376 (high Jan.23) and then 1.1393 (hourly high Jan.22).