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EUR/USD: watch the downside below 1.1200 - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Valeria Bednarik, chief analyst at FXStreet noted the developments in EUR/USD for the start of the US week.

    Key Quotes:

    "The EUR/USD pair traded as low as 1.1233, and remained nearby by the end of the US session, having met selling interest on approaches to the 1.1285 level, ever since the day started.

    The lack of volume has left intraday technical readings with no actual momentum, but generally speaking, the downside is now favored, given that in the 1 hour chart, the price has been driven lower by a bearish 20 SMA, whilst the technical indicators remain below their mid-lines.

    In the 4 hours chart, the price has extended below a bearish 20 SMA during the US session, while the RSI indicator heads south around 52 and the Momentum turned horizontal after a strong break below its 100 line, supporting a test of the 1.1200 figure and even a break below it for this Tuesday.

    Support levels: 1.1200 1.1160 1.1120.

    Resistance levels: 1.1285 1.1310 1.1340."
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