12 Jun 2015
EUR/USD: risk tilted to the downside – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, gives the technical outlook and key levels for EUR/USD, noting that the pair might see selling pressure on a dip below 1.12 levels.
Key Quotes
“The EUR/USD pair sunk to a fresh 4-day low of 1.1150 after German Chancellor Angela Merkel down talked the common currency by saying a strong euro is not helpful for the peripheral countries which have implemented economic reforms such as Spain and Portugal.”
“The pair however, recovered above the 1.1200 level ahead of US PPI figures for May that resulted as expected monthly basis at 0.1%, although compared to a year before, shrunk below expected to 0.6%. The EUR/USD pair spiked to 1.1242 but retreated, as selling interest at higher levels is quite strong.”
“Technically, the 1 hour chart shows that the price remained capped below a bearish 20 SMA, whilst the technical indicators are recovering from oversold levels, but remain below their mid-lines.”
“In the 4 hours chart, the 20 SMA heads lower around 1.1275, whilst the technical indicators show no actual directional strength below their mid-lines, maintaining the risk towards the downside, particularly on renewed selling pressure below the 1.1200 level.”
“Support levels: 1.1200 1.1160 1.1120”
“Resistance levels: 1.1280 1.1320 1.1360”
Key Quotes
“The EUR/USD pair sunk to a fresh 4-day low of 1.1150 after German Chancellor Angela Merkel down talked the common currency by saying a strong euro is not helpful for the peripheral countries which have implemented economic reforms such as Spain and Portugal.”
“The pair however, recovered above the 1.1200 level ahead of US PPI figures for May that resulted as expected monthly basis at 0.1%, although compared to a year before, shrunk below expected to 0.6%. The EUR/USD pair spiked to 1.1242 but retreated, as selling interest at higher levels is quite strong.”
“Technically, the 1 hour chart shows that the price remained capped below a bearish 20 SMA, whilst the technical indicators are recovering from oversold levels, but remain below their mid-lines.”
“In the 4 hours chart, the 20 SMA heads lower around 1.1275, whilst the technical indicators show no actual directional strength below their mid-lines, maintaining the risk towards the downside, particularly on renewed selling pressure below the 1.1200 level.”
“Support levels: 1.1200 1.1160 1.1120”
“Resistance levels: 1.1280 1.1320 1.1360”