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15 Apr 2015
EUR/USD: Recovery looming amid candlesticks and oscillators - RBS
FXStreet (Bali) - Dmytro Bondar, Technical Analyst at RBS, notes that his EUR/USD target at 1.06 has been met, with a recovery looming amid candlesticks and oscillators.
Key Quotes
"The pair has reached my key target of 1.063 (being the 138.2% projection from the 2009-2010 impulse wave), as weekly candlestick chart saw a bullish outside session at the end of March and weekly MACD started to turn bullish, suggesting that, from the technical point of view, the downside looks limited form here, but a recovery will most likely begin after the price end its consolidation around the 1.05/1.06 support area."
"This implies that the next big move is more likely top be to the upside towards 1.11 onto 1.13. Therefore, favour covering shorts and being neutral for now, awaiting confirming signals of trend reversal."
Key Quotes
"The pair has reached my key target of 1.063 (being the 138.2% projection from the 2009-2010 impulse wave), as weekly candlestick chart saw a bullish outside session at the end of March and weekly MACD started to turn bullish, suggesting that, from the technical point of view, the downside looks limited form here, but a recovery will most likely begin after the price end its consolidation around the 1.05/1.06 support area."
"This implies that the next big move is more likely top be to the upside towards 1.11 onto 1.13. Therefore, favour covering shorts and being neutral for now, awaiting confirming signals of trend reversal."