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3 Feb 2015
EUR/USD in a bullish correction - RBS
FXStreet (Guatemala) - Dmytro Bondar, Technical Analyst at RBS explained that EUR/USD saw a marginal recovery, as it bounced from the 1.11 support (being the 123.6% projection from the 2009-2010 impulse wave).
Key Quotes:
"This bullish correction is still going on and may continue for the week ahead with 1.15/1.16 tested."
"However, the long-term technical picture stays bearish, as the 1.11 support was broken and weekly MACD remained negative, indicating downtrend continuation to at least the next key support of 1.063."
"Therefore, I favour selling rallies from 1.158/1.166 to 1.065 stopping on a sustained break above 1.1900."
Key Quotes:
"This bullish correction is still going on and may continue for the week ahead with 1.15/1.16 tested."
"However, the long-term technical picture stays bearish, as the 1.11 support was broken and weekly MACD remained negative, indicating downtrend continuation to at least the next key support of 1.063."
"Therefore, I favour selling rallies from 1.158/1.166 to 1.065 stopping on a sustained break above 1.1900."