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20 Apr 2015
EUR/USD might see further declines below 1.0710 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, sees further downside potential for EUR/USD if the pair manages to break below the immediate support at 1.0710, with technicals supporting additional declines.
Key Quotes
“The dollar advanced in the European session, helped partially by weaker than expected European data, as German PPI came out negative and Euro zone construction output fell by 1.8% in February, and increased risk aversion, triggered by the Chinese Central Bank´s decision to cut the reserve requirement ratio for all banks by 100 basis points on Sunday.”
“Greek woes also weigh on investor's sentiment, with the dollar taking advantage of it.”
“As for the EUR/USD pair, the 1 hour chart shows that at fresh daily lows, with the price approaching the 38.2% retracement of its latest bearish run at 1.0710, the immediate support.”
“In the same chart, the 20 SMA turned lower above the current level, whilst the RSI indicator heads south around 35 and the Momentum indicator stands flat below 100, all of which supports further declines.”
“In the 4 hours chart, the price broke below its 20 SMA whilst the technical indicators head lower in positive territory, and are about to break below their mid-lines, supporting the shorter term view.”
“Support levels: 1.0710 1.0680 1.0650”
“Resistance levels: 1.0740 1.0775 1.0810”
Key Quotes
“The dollar advanced in the European session, helped partially by weaker than expected European data, as German PPI came out negative and Euro zone construction output fell by 1.8% in February, and increased risk aversion, triggered by the Chinese Central Bank´s decision to cut the reserve requirement ratio for all banks by 100 basis points on Sunday.”
“Greek woes also weigh on investor's sentiment, with the dollar taking advantage of it.”
“As for the EUR/USD pair, the 1 hour chart shows that at fresh daily lows, with the price approaching the 38.2% retracement of its latest bearish run at 1.0710, the immediate support.”
“In the same chart, the 20 SMA turned lower above the current level, whilst the RSI indicator heads south around 35 and the Momentum indicator stands flat below 100, all of which supports further declines.”
“In the 4 hours chart, the price broke below its 20 SMA whilst the technical indicators head lower in positive territory, and are about to break below their mid-lines, supporting the shorter term view.”
“Support levels: 1.0710 1.0680 1.0650”
“Resistance levels: 1.0740 1.0775 1.0810”