1 May 2015
EUR/USD: No signs of a turnaround just yet - FXCharts
FXStreet (Bali) - Jim Langlands, Founder at FXCharts, provides his technical view on the EUR/USD, noting that there are little signs of a turnaround just yet.
Key Quotes
"Technically, there currently appears to be little turnaround in the Euro’s new found love of life, although it is approaching some fairly major resistance. It has already briefly touched the Fibo level at 1.1265 (38.2% of 1.2569/1.0461), above which, lies further resistance at 1.1290 (23.6% of 1.3993/1.0461) and the 100 DMA, now at 1.1302."
"Back below 1.1200, the downside will see bids today at 1.1180 and at 1.1110 (both minor), and then at 1.1090 (23.6% of 1.0520/1.1265). Below this there would not be too much to hold it ahead of 1.1000 (100 HMA) and 1.0980 (38.2% of 1.0520/1.1265), but which does not currently look likely to be seen."
Key Quotes
"Technically, there currently appears to be little turnaround in the Euro’s new found love of life, although it is approaching some fairly major resistance. It has already briefly touched the Fibo level at 1.1265 (38.2% of 1.2569/1.0461), above which, lies further resistance at 1.1290 (23.6% of 1.3993/1.0461) and the 100 DMA, now at 1.1302."
"Back below 1.1200, the downside will see bids today at 1.1180 and at 1.1110 (both minor), and then at 1.1090 (23.6% of 1.0520/1.1265). Below this there would not be too much to hold it ahead of 1.1000 (100 HMA) and 1.0980 (38.2% of 1.0520/1.1265), but which does not currently look likely to be seen."