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EUR/USD: cautiously bearish - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Ani Salama, economist at FXStreet noted the technical conditions surrounding EUR/USD form overnight as a foundation for the day ahead.

    Key Quotes:

    "EUR/USD briefly fell below the 1.10 mark and posted its lowest level in 3 weeks at 1.0989 but managed to recover slightly and spent the last hours in a range just above 1.1010.

    Technically, the 1 hour chart shows indicators flat below their mid-lines while spot trades just below a flat 20-SMA, maintaining a slight negative tone. In the 4 hours chart, RSI has already corrected oversold conditions but indicators remain in negative territory, favouring a downward continuation, with the 1.0900 area as next bearish target."

    "Support levels: 1.0990 1.0962 1.0900. Resistance levels: 1.1050 1.1090 1.1140."
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