FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted the prospects for 1.1000 in EUR/USD.
Key Quotes:
“The EUR/USD pair approached 1.1100 by the end of the US session, and consolidates near the mentioned low, with no signs of changing bias any time soon.
Nevertheless, the pair has reached a major long term support area, and given that the pair lost over 200 pips pretty much straight, it may attempt an upward corrective movement before resuming its decline.
Short term, the 1 hour chart shows that the technical indicators have lost their bearish strength, but hold in extreme oversold levels, while in the 4 hours chart, the Momentum indicator maintains a sharp bearish slope near oversold territory and the RSI indicator stands at 19.
The next strong support comes at 1.1080, a long term ascendant trend line coming from 1.0591, April monthly low, which if broken, should lead to a test of the 1.1000 critical figure in the near term.”
(Market News Provided by FXstreet)