FXStreet (Barcelona) – Valeria Bednarik, Chief Analyst at FXStreet, explains that as long as EUR/USD attracts buying towards 1.1250/60, upside remains favoured, while selling pressure below the same will expose 1.1210.
Key Quotes
“The EUR/USD pair retreated partially from a high set at 1.1344 during the past Asian session, having erased all of it post-NFP losses, despite the constant flow of Greece’s headlines.”
“The technical picture, according to the 4 hours chart, shows that the price remains well above its 20 SMA, currently around 1.1210, whilst the Momentum indicator heads lower above the 100 level, while the RSI is posting limited correction of overbought readings. Nevertheless, the upside is favored as long as the 1.1250/60 area continues to attract buyers. Should the price break above the mentioned daily high of 1.1344, the rally can extend up to last week high of 1.1379, whilst above this last, the next bullish target comes at 1.1425.”
“To the downside, renewed selling pressure below 1.1260 should lead to a continued decline towards the 1.1210 region, while below this last, 1.1160 is the next support for the day.”
(Market News Provided by FXstreet)