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4 Jun 2015
EUR/USD: consolidation with upside bias – AceTrader
FXStreet (Barcelona) - The AceTrader Team notes that recent price action in EUR/USD suggests consolidation with an upside bias remains ahead in the pair.
Key Quotes
“Euro's rally above Tuesday's high of 1.1195 (now support) to a fresh 2-week high of 1.1285 in New York on Tuesday suggests the 3-legged fall from May's 3-month peak at 1.1467 has possibly ended last week at 1.0819 and consolidation with upside bias remains.”
“However, a daily close above 1.1392 is needed to confirm this view and bring re-test of said resistance later.”
“Below 1.1079 (yesterday's low in New York morning) would indicate a top is made instead and shift risk to downside for weakness to 1.1006 and then 1.0940/50.”
Key Quotes
“Euro's rally above Tuesday's high of 1.1195 (now support) to a fresh 2-week high of 1.1285 in New York on Tuesday suggests the 3-legged fall from May's 3-month peak at 1.1467 has possibly ended last week at 1.0819 and consolidation with upside bias remains.”
“However, a daily close above 1.1392 is needed to confirm this view and bring re-test of said resistance later.”
“Below 1.1079 (yesterday's low in New York morning) would indicate a top is made instead and shift risk to downside for weakness to 1.1006 and then 1.0940/50.”