Back
21 May 2015
EUR/USD bullish for 1.1225 above 1.1170 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, explains that EUR/USD recovery might extend to 1.1225 if the pair breaks above the 1.1170 resistance.
Key Quotes
“The EUR/USD pair surged and the 4 hours chart shows that the price is pressuring the 1.1170 resistance, whilst the technical indicators head north from overbought readings, still below their mid-lines.”
“The current recovery seems corrective at this point, as the 20 SMA heads strongly south above the current price, offering dynamic resistance in the 1.1225 price zone, the probable bullish target if the price breaks above the mentioned 1.1170.”
“Additional gains later on the day are unlikely, although it somehow the dollar continues easing, 1.1225 is the next level to watch.”
“The immediate support is located at 1.1120, with a downward acceleration below it exposing a continued decline to the 1.1050/70 price zone.”
Key Quotes
“The EUR/USD pair surged and the 4 hours chart shows that the price is pressuring the 1.1170 resistance, whilst the technical indicators head north from overbought readings, still below their mid-lines.”
“The current recovery seems corrective at this point, as the 20 SMA heads strongly south above the current price, offering dynamic resistance in the 1.1225 price zone, the probable bullish target if the price breaks above the mentioned 1.1170.”
“Additional gains later on the day are unlikely, although it somehow the dollar continues easing, 1.1225 is the next level to watch.”
“The immediate support is located at 1.1120, with a downward acceleration below it exposing a continued decline to the 1.1050/70 price zone.”