4 May 2015
EUR/USD should maintain topside risk - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, technically, EUR/USD should maintain the risk towards the upside after closing last Friday above the 1.1120, the 61.8% retracement of the 1.1533/1.0461 decline.
Key Quotes
"The upcoming week will be fulfilled with macroeconomic readings, starting on Monday with European PMI's, which had been steadily signaling a recovery in the EU."
"But no doubts the main event of the week will be US Nonfarm Payroll figures on Friday, with the US employment figures probably being a make it or break it for the ongoing dollar's bearish trend."
"Technically, the pair has closed the week above the 1.1120, the 61.8% retracement of the 1.1533/1.0461 decline, which should maintain the risk towards the upside."
"In the short term the 4 hours chart shows that the 20 SMA maintains a strong upward slope around 1.1130, whilst the Momentum indicator turned sharply lower from overbought territory and is about to close the 100 level towards the downside."
"The RSI indicator however, has managed to correct overbought readings and now hovers around the 63 level, limiting chances of a stronger decline."
Key Quotes
"The upcoming week will be fulfilled with macroeconomic readings, starting on Monday with European PMI's, which had been steadily signaling a recovery in the EU."
"But no doubts the main event of the week will be US Nonfarm Payroll figures on Friday, with the US employment figures probably being a make it or break it for the ongoing dollar's bearish trend."
"Technically, the pair has closed the week above the 1.1120, the 61.8% retracement of the 1.1533/1.0461 decline, which should maintain the risk towards the upside."
"In the short term the 4 hours chart shows that the 20 SMA maintains a strong upward slope around 1.1130, whilst the Momentum indicator turned sharply lower from overbought territory and is about to close the 100 level towards the downside."
"The RSI indicator however, has managed to correct overbought readings and now hovers around the 63 level, limiting chances of a stronger decline."