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11 Dec 2014
EUR/USD appears weak – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, technical indicators suggest that the EUR/USD pair is weak, and sees a probability ofit testing the trend line support at 1.2410 levels.
Key Quotes
“The EUR/USD pair finished higher at 1.2444 levels; although failing by a narrow margin to breach the technical resistance located at 1.2457 levels. The pair made an attempt during the Asian session to take out 1.25 levels, which failed as the fresh selling pressure pushed the pair down to the current level of 1.2441.”
“Meanwhile, on the hourly chart, the pair appears weak as it trades below 1.2448 levels, while the hourly RSI has breached the rising trend line support at 59.85 levels. Thus, the pair is likely to test the rising trend line support on the hourly chart located at 1.2410 levels.”
“Moreover, the sell-off may be rapid once the pair falls below the 23.6% retracement level of the uptrend located at 1.2435. Given the bearish daily RSI at 49.41 levels, the pair is more likely to even breach support at 1.2410 levels to test the 10-DMA located at 1.2385.”
Key Quotes
“The EUR/USD pair finished higher at 1.2444 levels; although failing by a narrow margin to breach the technical resistance located at 1.2457 levels. The pair made an attempt during the Asian session to take out 1.25 levels, which failed as the fresh selling pressure pushed the pair down to the current level of 1.2441.”
“Meanwhile, on the hourly chart, the pair appears weak as it trades below 1.2448 levels, while the hourly RSI has breached the rising trend line support at 59.85 levels. Thus, the pair is likely to test the rising trend line support on the hourly chart located at 1.2410 levels.”
“Moreover, the sell-off may be rapid once the pair falls below the 23.6% retracement level of the uptrend located at 1.2435. Given the bearish daily RSI at 49.41 levels, the pair is more likely to even breach support at 1.2410 levels to test the 10-DMA located at 1.2385.”