10 Feb 2015
EUR/USD still a sell on strength – RBS
FXStreet (Edinburgh) - Technical Analyst Dmytro Bondar at RBS sees the likeliness of EUR/USD to remain range-bound in the near term.
Key Quotes
“The pair remains supported for now after it bounced from the 1.11 support (being the 123.6% projection from the 2009-2010 impulse wave)”.
“This bullish correction is still going on and may continue for the week ahead with overall 1.12 – 1.16 range being in place”.
“However, the long-term technical picture stays bearish, as the 1.11 support was broken and weekly MACD remained negative, indicating downtrend continuation to at least the next key support of 1.063”.
“Therefore, I still favour selling rallies from 1.158/1.166 to 1.065 stopping on a sustained break above 1.190”.
Key Quotes
“The pair remains supported for now after it bounced from the 1.11 support (being the 123.6% projection from the 2009-2010 impulse wave)”.
“This bullish correction is still going on and may continue for the week ahead with overall 1.12 – 1.16 range being in place”.
“However, the long-term technical picture stays bearish, as the 1.11 support was broken and weekly MACD remained negative, indicating downtrend continuation to at least the next key support of 1.063”.
“Therefore, I still favour selling rallies from 1.158/1.166 to 1.065 stopping on a sustained break above 1.190”.