20 Mar 2015
EUR/USD might see a selloff towards 1.0617 – FXStreet
FXStreet (Barcelona) - With EUR/USD failing to extend gains beyond 1.0680-1.0690 area, FXStreet Editor and Analyst, Omkar Godbole sees chances of a selloff for the pair towards 1.0617 levels.
Key Quotes
“The Hourly chart shows, the pair is currently trading near the 61.8% Fib retracement level of the short uptrend – 1.0461 to 1.1033 – located at 1.0679 levels.”
“Moreover, the pair has struggled to extend gains above 1.0680-1.0690 since the early Asian session today.”
“On the 4-hour charts, the three positive candles have not been able to recover the losses suffered in the previous red candle. Furthermore, the daily RSI still remains bearish.”
“Thus, another failure to rise and sustain gains above the same at the European opening bell, could lead to a fresh sell-off towards 1.0617 levels.”
“On the other hand, a break above 1.0710 levels could push the pair higher to 1.0746 levels.”
Key Quotes
“The Hourly chart shows, the pair is currently trading near the 61.8% Fib retracement level of the short uptrend – 1.0461 to 1.1033 – located at 1.0679 levels.”
“Moreover, the pair has struggled to extend gains above 1.0680-1.0690 since the early Asian session today.”
“On the 4-hour charts, the three positive candles have not been able to recover the losses suffered in the previous red candle. Furthermore, the daily RSI still remains bearish.”
“Thus, another failure to rise and sustain gains above the same at the European opening bell, could lead to a fresh sell-off towards 1.0617 levels.”
“On the other hand, a break above 1.0710 levels could push the pair higher to 1.0746 levels.”