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15 Apr 2015
EUR/USD likely to re-test 1.07 – FXStreet
FXStreet (Barcelona) - According to Omkar Godbole, FXStreet Editor and Analyst, EUR/USD technicals support a move higher towards 1.0700 levels on a break above 1.0641.
Key Quotes
“The European Central Bank (ECB) meeting is not expected to provide any major surprises today. If anything, Mario Draghi will use this opportunity to talk about the initial impact of Quantitative Easing including improvements in data, a weaker currency and lower interest rates. Consequently, we may see the pair re-test 1.07.”
“On the charts, we see the pair trading below 1.0641 (23.6% Fib retracement of 1.1033-1.0519), with the hourly RSI bullish at 54.00. A break above the same could push the pair higher to 1.07 levels.”
“On the contrary, failure to rise above 1.0641 could push the pair down to hourly 50-MA at 1.0595. However, the gains on Tuesday have confirmed bullish RSI divergence on the daily chart. Thus, likelihood of the pair moving higher to 1.07 is more.”
Key Quotes
“The European Central Bank (ECB) meeting is not expected to provide any major surprises today. If anything, Mario Draghi will use this opportunity to talk about the initial impact of Quantitative Easing including improvements in data, a weaker currency and lower interest rates. Consequently, we may see the pair re-test 1.07.”
“On the charts, we see the pair trading below 1.0641 (23.6% Fib retracement of 1.1033-1.0519), with the hourly RSI bullish at 54.00. A break above the same could push the pair higher to 1.07 levels.”
“On the contrary, failure to rise above 1.0641 could push the pair down to hourly 50-MA at 1.0595. However, the gains on Tuesday have confirmed bullish RSI divergence on the daily chart. Thus, likelihood of the pair moving higher to 1.07 is more.”