According to Valeria Bednarik, Chief Analyst at FXStreet, technicals favour a EUR/USD slide towards 1.1250 on a break below 1.1290 levels, with sellers around 1.1360 price zone exerting some downside pressure on the pair.
Key Quotes
“[..] the EUR/USD remains subdue as local share markets trade deep in the red, with the pair finding sellers in the 1.1360 price zone, a strong static resistance level.”
“The 4 hours chart shows that indicators have completed a pullback to their midlines before regaining the downside, while the price develops below its moving averages, all of which favors some further declines, particularly if the price breaks through 1.1290 the immediate support.”
“In that case, the next bearish target comes at the 1.1250 area, where buyers have surged since the month started.”
“To the upside, it will take a price acceleration above 1.1370 to see the pair extending its advance up to the 1.1410/40 price zone.”
Key Quotes
“[..] the EUR/USD remains subdue as local share markets trade deep in the red, with the pair finding sellers in the 1.1360 price zone, a strong static resistance level.”
“The 4 hours chart shows that indicators have completed a pullback to their midlines before regaining the downside, while the price develops below its moving averages, all of which favors some further declines, particularly if the price breaks through 1.1290 the immediate support.”
“In that case, the next bearish target comes at the 1.1250 area, where buyers have surged since the month started.”
“To the upside, it will take a price acceleration above 1.1370 to see the pair extending its advance up to the 1.1410/40 price zone.”
