27 Jan 2015
EUR/USD likely to retest 1.1221-1.12 levels – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, the EUR/USD pair might retest 1.1221-1.12 levels after repeatedly failing to break above 1.1260 levels.
Key Quotes
“The EUR/USD pair rejection at 1.13 levels on Monday, post which a minor sell-off took the pair down to 1.2240 levels. Since then, the movement has been restricted in a narrow range of 1.1230-1.1260 levels.”
“On the hourly chart, the pair is flirting with the 50-SMA located currently at 1.1241 levels, while the RSI has dipped to 47.00 levels. Given the repeated failure to rise above 1.1260 levels coupled with the bearish hourly RSI, the pair is more likely to re-test 1.1221-1.12 levels.”
“However, a fresh demand for Euros can be anticipated in the range of 1.1221-1.12.”
“Moreover, a bounce back from those levels is likely to confirm an inverted head and shoulder pattern on the hourly chart with the neckline resistance located at 1.13 levels. A breakout from the same shall open doors for 1.15 levels. However, immediate gains are likely to be restricted around 1.1357 and 1.1389 levels.”
“On the other hand, a break below 1.12 shall see the pair re-test 1.11 levels.”
Key Quotes
“The EUR/USD pair rejection at 1.13 levels on Monday, post which a minor sell-off took the pair down to 1.2240 levels. Since then, the movement has been restricted in a narrow range of 1.1230-1.1260 levels.”
“On the hourly chart, the pair is flirting with the 50-SMA located currently at 1.1241 levels, while the RSI has dipped to 47.00 levels. Given the repeated failure to rise above 1.1260 levels coupled with the bearish hourly RSI, the pair is more likely to re-test 1.1221-1.12 levels.”
“However, a fresh demand for Euros can be anticipated in the range of 1.1221-1.12.”
“Moreover, a bounce back from those levels is likely to confirm an inverted head and shoulder pattern on the hourly chart with the neckline resistance located at 1.13 levels. A breakout from the same shall open doors for 1.15 levels. However, immediate gains are likely to be restricted around 1.1357 and 1.1389 levels.”
“On the other hand, a break below 1.12 shall see the pair re-test 1.11 levels.”