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2 Jun 2015
EUR/USD: consolidation with bearish bias – AceTrader
FXStreet (Barcelona) - Monday’s fall in the EUR/USD suggests price action favours consolidation with a downside bias, but only below 1.0867 will trigger further declines, according to the Research Team at AceTrader.
Key Quotes
“Euro's erratic fall from last Friday's high of 1.1006 to 1.0887 yesterday suggests the correction from last Wednesday's fresh 1-month trough at 1.0819 has ended there and consolidation with downside bias remains.”
“However only a break of 1.0867 support would encourage for a re-test of said support and then resumption of decline from May's peak at 1.1467 to 1.0785 later.“
“On the upside, above 1.1006 would defer present bearishness on euro and yield marginal gain but resistance at 1.1059/62 should remain intact.”
Key Quotes
“Euro's erratic fall from last Friday's high of 1.1006 to 1.0887 yesterday suggests the correction from last Wednesday's fresh 1-month trough at 1.0819 has ended there and consolidation with downside bias remains.”
“However only a break of 1.0867 support would encourage for a re-test of said support and then resumption of decline from May's peak at 1.1467 to 1.0785 later.“
“On the upside, above 1.1006 would defer present bearishness on euro and yield marginal gain but resistance at 1.1059/62 should remain intact.”