10 Mar 2015
EUR/USD sees little room for correction, 1.0690 near? – FXStreet
FXStreet (Barcelona) - With EUR/USD settling comfortably below the critical 1.0760 levels, Valeria Bednarik, Chief Analyst at FXStreet, views that the single currency has little room to correct higher, anticipating a break of 1.0730 to pave way for 1.0690.
Key Quotes
“The EUR/USD 4 hours chart shows that the price achieved the 1.0760 target proposed on previous updates. The level stands for August and September lows from 2003.”
“At this point, and despite the extreme oversold conditions seen in almost any time frame, there's little room for an upward corrective movement, as the pair has settle below the critical level and hovers a few pips above the daily low.”
“It may extend its consolidative phase in the upcoming hours, yet another downward acceleration below the 1.0730 level should lead to another leg south towards the 1.0690 level, and beyond this last, down to 1.0664 February 2003 monthly low.”
“To the upside, a strong recovery above 1.0760 may lead to an approach to 1.0800, but sellers will likely surge on approaches to this last, as selling higher continues to be the name of the game.”
Key Quotes
“The EUR/USD 4 hours chart shows that the price achieved the 1.0760 target proposed on previous updates. The level stands for August and September lows from 2003.”
“At this point, and despite the extreme oversold conditions seen in almost any time frame, there's little room for an upward corrective movement, as the pair has settle below the critical level and hovers a few pips above the daily low.”
“It may extend its consolidative phase in the upcoming hours, yet another downward acceleration below the 1.0730 level should lead to another leg south towards the 1.0690 level, and beyond this last, down to 1.0664 February 2003 monthly low.”
“To the upside, a strong recovery above 1.0760 may lead to an approach to 1.0800, but sellers will likely surge on approaches to this last, as selling higher continues to be the name of the game.”