8 May 2015
EUR/USD: consolidation with downside bias – AceTrader
FXStreet (Barcelona) - The AceTrader Team views that EUR/USD might consolidate ahead with a downside bias, aiming for 1.1120/30.
Key Quotes
“Despite euro's brief rise above Wednesday high of 1.1371 to a fresh 10-week peak at 1.1392 in Europe on Thursday, subsequent intra-day sell off to 1.1237 in New York and then 1.1228 in Australia on Friday signals recent erratic up move has made a temporary top there and consolidation with downside bias is seen for a retracement towards 1.1120/30 but this week's low at 1.1066 (Tuesday) should hold.”
“On the upside, only above 1.1392 would confirm up move from March's 12-yaer trough at 1.0457 has resumed and extend gain to next daily chart objective at 1.1450, then 1.1534 later this month.”
Key Quotes
“Despite euro's brief rise above Wednesday high of 1.1371 to a fresh 10-week peak at 1.1392 in Europe on Thursday, subsequent intra-day sell off to 1.1237 in New York and then 1.1228 in Australia on Friday signals recent erratic up move has made a temporary top there and consolidation with downside bias is seen for a retracement towards 1.1120/30 but this week's low at 1.1066 (Tuesday) should hold.”
“On the upside, only above 1.1392 would confirm up move from March's 12-yaer trough at 1.0457 has resumed and extend gain to next daily chart objective at 1.1450, then 1.1534 later this month.”