26 May 2015
EUR/USD: risks a move lower towards 1.0738 – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team remains sideways on EUR/USD but warns of a possible move lower towards 1.0738.
Key Quotes
“Investors await the latest batch of US data later on Tuesday that could provide more clues on the strength of economic recovery, including durable goods for May and consumer confidence for April. We stay sideways now. In our opinion no position is justified from the risk/reward perspective. The EUR/USD is close to 1.0882 support (61.8% fibo of 1.0521-1.1468 rise) but there are no signs of a rebound. We see a rising risk of a further fall to the daily cloud base at 1.0738.”
“Resistance: 1.0981 (hourly high May 26), 1.1062 (low May 20), 1.1127 (100-dma)”
“Support: 1.0882 (61.8% of 1.0521-1.1468), 1.0860 (low Apr 28), 1.0785 (low Apr 24)”
Key Quotes
“Investors await the latest batch of US data later on Tuesday that could provide more clues on the strength of economic recovery, including durable goods for May and consumer confidence for April. We stay sideways now. In our opinion no position is justified from the risk/reward perspective. The EUR/USD is close to 1.0882 support (61.8% fibo of 1.0521-1.1468 rise) but there are no signs of a rebound. We see a rising risk of a further fall to the daily cloud base at 1.0738.”
“Resistance: 1.0981 (hourly high May 26), 1.1062 (low May 20), 1.1127 (100-dma)”
“Support: 1.0882 (61.8% of 1.0521-1.1468), 1.0860 (low Apr 28), 1.0785 (low Apr 24)”