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24 Feb 2015
EUR/USD technicals favouring a decline – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes technicals suggest EUR/USD might see further declines towards 1.1250/60 levels, below which the pair might dive to test 1.1200.
Key Quotes
“Technically, the 4 hours chart shows that the price develops at the base of these day's range, and below a bearish 20 SMA, while indicators turned slightly lower below their midlines, suggesting some further declines to the 1.1250/60 price zone.”
“This last is the key, as the pair has held above it for all of this February, with large stops building up below it. If triggered, the pair can accelerate sharply lower towards the 1.1200 figure, with a break below this last exposing the pair to a retest of the year low at 1.1097.”
“To the upside, 1.1350/80 price zone comes as the immediate resistance level, and a recovery towards it will most likely attract sellers once again.”
Key Quotes
“Technically, the 4 hours chart shows that the price develops at the base of these day's range, and below a bearish 20 SMA, while indicators turned slightly lower below their midlines, suggesting some further declines to the 1.1250/60 price zone.”
“This last is the key, as the pair has held above it for all of this February, with large stops building up below it. If triggered, the pair can accelerate sharply lower towards the 1.1200 figure, with a break below this last exposing the pair to a retest of the year low at 1.1097.”
“To the upside, 1.1350/80 price zone comes as the immediate resistance level, and a recovery towards it will most likely attract sellers once again.”