FXStreet Editor and Analyst, Omkar Godbole, views that the EUR/USD pair is unlikely to sustain gains above 1.1345, with the pair likely to test 1.1303 levels.
Key Quotes
“The EUR/USD pair is struggling to rise above 1.1340 levels, after having ended lower on Friday at 1.1319 levels.”
“The pair is trading below the 5-DMA and the 10-DMA located at 1.1403 and 1.1364 levels, with the daily RSI bearish at 38.26 levels.”
“Meanwhile, the hourly chart shows, the pair has formed a double top formation as it twice faced rejection at 1.15 levels in the last week. The neckline support is seen at 1.1303 levels. The hourly RSI too, is bearish at 38.15 levels. Thus, the pair is likely to test 1.1303 levels, a breach of which shall push the pair down to 1.1260 levels.”
“On the other hand, the immediate upside in the pair appears capped at the hourly 200-SMA located at 1.1365 levels.”
“Moreover, the pair is unlikely to sustain gains above the 5-week SMA located at 1.1345 levels. Hence, a fresh selling pressure can be anticipated above 1.1345 levels.”
Key Quotes
“The EUR/USD pair is struggling to rise above 1.1340 levels, after having ended lower on Friday at 1.1319 levels.”
“The pair is trading below the 5-DMA and the 10-DMA located at 1.1403 and 1.1364 levels, with the daily RSI bearish at 38.26 levels.”
“Meanwhile, the hourly chart shows, the pair has formed a double top formation as it twice faced rejection at 1.15 levels in the last week. The neckline support is seen at 1.1303 levels. The hourly RSI too, is bearish at 38.15 levels. Thus, the pair is likely to test 1.1303 levels, a breach of which shall push the pair down to 1.1260 levels.”
“On the other hand, the immediate upside in the pair appears capped at the hourly 200-SMA located at 1.1365 levels.”
“Moreover, the pair is unlikely to sustain gains above the 5-week SMA located at 1.1345 levels. Hence, a fresh selling pressure can be anticipated above 1.1345 levels.”
