EURUSD: Can’t rule out some decline to 1.0613 - Natixis

According to Micaella Feldstein, Research Analyst at Natixis, as the daily stochastic is overbought for EUR/USD, she can’t rule out some decline to 1.0613 (9-day moving average) even to the support at 1.0537 (daily Bollinger moving average).

Key Quotes

“These dips should enable the cross to take a breather: the emergence of an upside channel on the daily chart and the turnaround of the weekly indicators indeed plead for further upside potential. We’ll keep a lookout at the resistance at 1.0712/19 (daily Bollinger upper band) whose break would open the door to 1.0830 (weekly Bollinger moving average) ahead of 1.0914 (declining trendline) even 1.1006 (monthly Bollinger moving average). The supports stand at 1.0613, at 1.0537, at 1.0488, at 1.0365 and at 1.0260.”