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10 Mar 2014
Flash: EUR/USD: Retrieving from the roof of a the channel - FXStreet
FXStreet (Córdoba) - Valeria Bednarik, chief analyst at FXStreet notes that the EUR/USD is correcting from overbought levels,, with immediate support at 1.3850.
Key Quotes
"The EUR/USD trades slightly lower this Monday, having found sellers on an approach to the 1.3900 figure, yet overall holding ground".
"The 4 hours chart shows price pulling lower from the roof of a long ascendant channel, with indicators still in extreme overbought territory: worth to notice, the limited correction in price along with RSI turning flat around 70 suggests bulls are still overcoming sellers, leaving little room for bearish corrections".
"The immediate support comes at 1.3850, past Friday US session low post Payrolls, and if below the pair may actually attempt a bearish corrective movement towards 1.3810/20, but the most likely scenario suggest approaches to mentioned 1.3850 will attract enough buyers to halt the slide".
"On the other hand, the roof of the channel stands today around 1.3910, and that’s the resistance to break to confirm an upward acceleration towards the 1.3950/70 price zone".
Key Quotes
"The EUR/USD trades slightly lower this Monday, having found sellers on an approach to the 1.3900 figure, yet overall holding ground".
"The 4 hours chart shows price pulling lower from the roof of a long ascendant channel, with indicators still in extreme overbought territory: worth to notice, the limited correction in price along with RSI turning flat around 70 suggests bulls are still overcoming sellers, leaving little room for bearish corrections".
"The immediate support comes at 1.3850, past Friday US session low post Payrolls, and if below the pair may actually attempt a bearish corrective movement towards 1.3810/20, but the most likely scenario suggest approaches to mentioned 1.3850 will attract enough buyers to halt the slide".
"On the other hand, the roof of the channel stands today around 1.3910, and that’s the resistance to break to confirm an upward acceleration towards the 1.3950/70 price zone".