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16 Dec 2014
EUR/USD may re-test 1.2480-1.25 levels – FXStreet
FXStreet (Barcelona) - Omkar Godbole, FXStreet Editor and Analyst, sees the EUR/USD pair likely to test 1.2480-1.25 levels, with technicals supporting a further move up.
Key Quotes
“The EUR/USD pair finished marginally lower on Monday at 1.2435 levels, after facing rejection near 1.2480-1.25 levels. Another attempt to take out the resistance at 1.2480-1.25 may be made today as the pair trades higher at 1.2463, with the daily RSI bullish at 50.77 levels.”
“Moreover, the pair has bounced-off from the 5-DMA located at 1.2437 levels. On the hourly chart, the pair has recovered to trade above the rising trend line support located at 1.2453 levels.”
“The hourly RSI too, is in support of a further up move in the pair. Thus, the pair is more likely to re-test 1.2480-1.25 levels, breach of which shall open doors for 1.2530 levels. Given the bullish daily RSI, the pair is more likely to test 1.2530 levels today.”
“Meanwhile, the EUR bears are unlikely to have a say so long as the pair trades above the 5-DMA located at 1.2437 levels.”
Key Quotes
“The EUR/USD pair finished marginally lower on Monday at 1.2435 levels, after facing rejection near 1.2480-1.25 levels. Another attempt to take out the resistance at 1.2480-1.25 may be made today as the pair trades higher at 1.2463, with the daily RSI bullish at 50.77 levels.”
“Moreover, the pair has bounced-off from the 5-DMA located at 1.2437 levels. On the hourly chart, the pair has recovered to trade above the rising trend line support located at 1.2453 levels.”
“The hourly RSI too, is in support of a further up move in the pair. Thus, the pair is more likely to re-test 1.2480-1.25 levels, breach of which shall open doors for 1.2530 levels. Given the bullish daily RSI, the pair is more likely to test 1.2530 levels today.”
“Meanwhile, the EUR bears are unlikely to have a say so long as the pair trades above the 5-DMA located at 1.2437 levels.”