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7 Jan 2015
EUR might see fresh demand above 1.1885 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, expects EUR to see fresh demand above 1.1885 levels and anticipates a break of this to lead the pair to test 1.1920 levels.
Key Quotes
“The pair extended losses on Tuesday, ending at 1.1898 levels, after having failed to strengthen on the upbeat economic reports across the Eurozone. The slide continues today as the pair clocked a low of 1.1841, before recovering partially to trade at 1.1876 levels.”
“The daily RSI stays oversold at 23.59 levels. Moreover, the pair has managed to recover above June 2010 low of 1.1875 levels ahead of the European session.”
“Meanwhile, on the hourly chart, the pair is struggling near 1.1880-1.1885 levels, with the hourly RSI bearish at 37.15 levels.”
“A fresh demand for Euros can be anticipated once the pair rises above 1.1885 levels, especially since the hourly RSI has formed higher lows. In such a case, the pair is likely to test the hourly 50-DMA located at 1.1920.”
“On the other hand, the selling would resume if the pair dips back below 1.1875, opening doors for a re-test of 1.18 levels.”
Key Quotes
“The pair extended losses on Tuesday, ending at 1.1898 levels, after having failed to strengthen on the upbeat economic reports across the Eurozone. The slide continues today as the pair clocked a low of 1.1841, before recovering partially to trade at 1.1876 levels.”
“The daily RSI stays oversold at 23.59 levels. Moreover, the pair has managed to recover above June 2010 low of 1.1875 levels ahead of the European session.”
“Meanwhile, on the hourly chart, the pair is struggling near 1.1880-1.1885 levels, with the hourly RSI bearish at 37.15 levels.”
“A fresh demand for Euros can be anticipated once the pair rises above 1.1885 levels, especially since the hourly RSI has formed higher lows. In such a case, the pair is likely to test the hourly 50-DMA located at 1.1920.”
“On the other hand, the selling would resume if the pair dips back below 1.1875, opening doors for a re-test of 1.18 levels.”