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2 Mar 2015
EUR/USD bearish dominant trend remains firm – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook for EUR/USD, expecting a break below the daily low at 1.1159 to pave way for the multi-year low at 1.1097.
Key Quotes
“The EUR/USD pair finally filled the weekly opening gap, advancing above the 1.1200 level following mixed European Markit Manufacturing PMIs.”
“The Euro zone inflation fell 0.3% yearly basis in February, slightly better than expected, while the core reading remain steady at 0.6%, helping the pair to advance further. Nevertheless, the bearish dominant trend remains firm in place ahead of ECB meeting later on in this week.”
“The 4 hours chart shows that the price develops well below a bearish 20 SMA, currently around 1.1250, a former strong static support, reinforcing it.”
“The technical indicators in the same time frame are barely correcting from oversold levels, lacking upward potential at the time being. The mentioned level should attract selling interest if reached, whilst the daily low has been set during Asian hours at 1.1159, with a break below it exposing the pair to a retest of the multi-year low set in January at 1.1097.”
Key Quotes
“The EUR/USD pair finally filled the weekly opening gap, advancing above the 1.1200 level following mixed European Markit Manufacturing PMIs.”
“The Euro zone inflation fell 0.3% yearly basis in February, slightly better than expected, while the core reading remain steady at 0.6%, helping the pair to advance further. Nevertheless, the bearish dominant trend remains firm in place ahead of ECB meeting later on in this week.”
“The 4 hours chart shows that the price develops well below a bearish 20 SMA, currently around 1.1250, a former strong static support, reinforcing it.”
“The technical indicators in the same time frame are barely correcting from oversold levels, lacking upward potential at the time being. The mentioned level should attract selling interest if reached, whilst the daily low has been set during Asian hours at 1.1159, with a break below it exposing the pair to a retest of the multi-year low set in January at 1.1097.”