Valeria Bednarik, Chief Analyst at FXStreet, notes that EUR/USD is gaining bearish strength post the release of a stronger than expected US NFP, further expecting that the pair may head lower towards 1.1100 levels on a weekly close below 1.1300.
Key Quotes
“Technical readings in the weekly chart shows that indicators had partially corrected extreme oversold readings, before losing their upward strength, while in the daily chart the price has been moving back and forth around a bearish 20 SMA and indicators are now gaining bearish strength after correcting oversold readings, supporting the idea the upward corrective movement may be complete.”
“A weekly close below 1.1400 will keep the risk to the downside, while a break below 1.1300 during the upcoming days will expose the pair to a retest of the 1.1100 price zone as said above.”
“On the other hand some strong advance above 1.1440 is required to see another attempt of advancing, with next resistances a 1.1535, this week low, and 1.1660, 38.2% retracement of the last weekly decline.”
Key Quotes
“Technical readings in the weekly chart shows that indicators had partially corrected extreme oversold readings, before losing their upward strength, while in the daily chart the price has been moving back and forth around a bearish 20 SMA and indicators are now gaining bearish strength after correcting oversold readings, supporting the idea the upward corrective movement may be complete.”
“A weekly close below 1.1400 will keep the risk to the downside, while a break below 1.1300 during the upcoming days will expose the pair to a retest of the 1.1100 price zone as said above.”
“On the other hand some strong advance above 1.1440 is required to see another attempt of advancing, with next resistances a 1.1535, this week low, and 1.1660, 38.2% retracement of the last weekly decline.”
