EUR/USD to Breakout to Downside? - FXStreet

EUR/USD to Breakout to Downside? - FXStreet

11 May 2016, 05:06
Roberto Jacobs
0
36

EUR/USD to Breakout to Downside? - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that from a technical point of view, the pair is on a brink of a downward breakout, barely holding around the 61.8% retracement of its latest daily bullish run at 1.1370.

Key Quotes:

"In the 4 hours chart early attempts of advancing were contained by a bearish 20 SMA, whilst the technical indicators head modestly lower below their mid-lines, lacking momentum amid the intraday restricted range. Nevertheless and as long as the price remains unable to recover above 1.1420, the risk is towards the downside, with scope to test the 1.1280/1.1300 price zone."


fxs_logo_news.png

Share it with friends: