29 Apr 2015
EUR/USD might climb to 1.1120 on a disappointing US GDP data – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes EUR/USD maintains its bullish tone, and might rise to 1.1120 on a break above 1.1050, especially if US GDP data disappoints.
Key Quotes
“Technically, the pair maintains the bullish tone seen during the last sessions, as the 4 hours chart shows that the price extended further above a strongly bullish 20 SMA, currently around 1.0900, whilst the technical indicators are heading back higher after partially correcting overbought readings.”
“The pair can advance up to 1.1050 now, but it's probable that investors will refrain from pushing it higher ahead of the news.”
“Should the GDP readings disappoint, a break through 1.1050 should lead to an advance up to 1.1120, a key midterm resistance level. Further advances seem unlikely for today, yet if the level is taken, the 1.1150/60 area comes next.”
“To the downside, the immediate support comes at 1.0950 a strong static support, with a break below it exposing the 1.0900 figure.”
Key Quotes
“Technically, the pair maintains the bullish tone seen during the last sessions, as the 4 hours chart shows that the price extended further above a strongly bullish 20 SMA, currently around 1.0900, whilst the technical indicators are heading back higher after partially correcting overbought readings.”
“The pair can advance up to 1.1050 now, but it's probable that investors will refrain from pushing it higher ahead of the news.”
“Should the GDP readings disappoint, a break through 1.1050 should lead to an advance up to 1.1120, a key midterm resistance level. Further advances seem unlikely for today, yet if the level is taken, the 1.1150/60 area comes next.”
“To the downside, the immediate support comes at 1.0950 a strong static support, with a break below it exposing the 1.0900 figure.”