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4 Mar 2015
EUR/USD poised to break below 1.1100 – FXStreet
FXStreet (Barcelona) - With EUR/USD falling to a fresh intraday low at 1.1114, Valeria Bednarik, Chief Analyst at FXStreet, explains that the pair is poised to continue lower, expecting a break below 1.1090 to target 1.1050 in the short-term.
Key Quotes
“The EUR/USD pair fell down to 1.1114, a few pips above the key 1.1097 multi-year low posted last January. The pair fell below 1.1150, triggering stops even before European Services PMI were out.”
“Nevertheless, the bearish tone accelerated with the pair poised to break below the 1.1100 figure.”
“In the 4 hours chart, the price was unable to overcome a strongly bearish 20 SMA, currently around 1.1180, whilst the technical indicators turned lower, with Momentum retreating from its midline and the RSI indicator heading south around 33.”
“Additional stops are likely standing below 1.1090, with a break below it fueling the slide down to 1.1050 in the short term, although further declines are unlikely ahead of ECB economic policy decision tomorrow.”
“To the upside, the mentioned 1.1150 level comes as the immediate resistance, followed by the 1.1180/1.1200 region.”
Key Quotes
“The EUR/USD pair fell down to 1.1114, a few pips above the key 1.1097 multi-year low posted last January. The pair fell below 1.1150, triggering stops even before European Services PMI were out.”
“Nevertheless, the bearish tone accelerated with the pair poised to break below the 1.1100 figure.”
“In the 4 hours chart, the price was unable to overcome a strongly bearish 20 SMA, currently around 1.1180, whilst the technical indicators turned lower, with Momentum retreating from its midline and the RSI indicator heading south around 33.”
“Additional stops are likely standing below 1.1090, with a break below it fueling the slide down to 1.1050 in the short term, although further declines are unlikely ahead of ECB economic policy decision tomorrow.”
“To the upside, the mentioned 1.1150 level comes as the immediate resistance, followed by the 1.1180/1.1200 region.”