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5 May 2015
EUR/USD limited upside potential – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook for EUR/USD, noting that technicals remain in favour of downward continuation towards 1.1050.
Key Quotes
“The EUR/USD pair has fell down to 1.1065 intraday, but recovered some ground amid an optimistic forecast from the EU Commission regarding GDP and inflation figures, both revised to the upside for this 2015. Nevertheless, the pair is accelerating above the critical 1.1120 resistance, following the release of poor US Trade balance figures.”
“Earlier in the day, market rumors pointed for more delays in the Greek drama, with the IMF retreating its support to the country, whilst German FM Schaeuble hit the wires stating he's skeptical on reaching a deal before the next due payment to the international organism.”
“The technical picture shows a limited upward potential as the 1 hour chart shows that the price can't advance its 100 SMA, whilst the technical indicators aim higher, but remain below their mid-lines.”
“In the 4 hours chart the 20 SMA turns lower around 1.1190, whilst the technical indicators maintain their strong bearish slopes in negative territory, supporting a downward continuation towards 1.1050, 38.2% retracement of its latest bullish run and former highs.”
“Should the price hold above 1.1120, the upside is favored towards the 1.1200 price zone. “
Key Quotes
“The EUR/USD pair has fell down to 1.1065 intraday, but recovered some ground amid an optimistic forecast from the EU Commission regarding GDP and inflation figures, both revised to the upside for this 2015. Nevertheless, the pair is accelerating above the critical 1.1120 resistance, following the release of poor US Trade balance figures.”
“Earlier in the day, market rumors pointed for more delays in the Greek drama, with the IMF retreating its support to the country, whilst German FM Schaeuble hit the wires stating he's skeptical on reaching a deal before the next due payment to the international organism.”
“The technical picture shows a limited upward potential as the 1 hour chart shows that the price can't advance its 100 SMA, whilst the technical indicators aim higher, but remain below their mid-lines.”
“In the 4 hours chart the 20 SMA turns lower around 1.1190, whilst the technical indicators maintain their strong bearish slopes in negative territory, supporting a downward continuation towards 1.1050, 38.2% retracement of its latest bullish run and former highs.”
“Should the price hold above 1.1120, the upside is favored towards the 1.1200 price zone. “