EUR/USD: Sideways theme with key resistance at 1.0981 – RBS

FXStreet (Delhi) – Dmytro Bondar, Technical Analyst at RBS, suggests that the EUR/USD technical picture has been bearish for a while with a bear flag triggered pointing to the targets as low as 1.05 and 1.01 (with a possibility of extending a dip to 0.96 on a long-term horizon).

Key Quotes

“However the near term technical picture is quite different with a sideways theme being in place for two month and 1.0950/81 marking a key resistance area and a bullish flag trigger. If the 1.0981 level is broken, the EUR/USD would tactically become bullish to 1.1073 on to 1.1147 and possibly even the main resistance of 1.1220.

Therefore we exit any shorts and stay flat for now awaiting confirming signals.”

RES: 1.0981 1.1073 1.1147
SUP: 1.0873 1.0660 1.0550

Dmytro Bondar, Technical Analyst at RBS, suggests that the EUR/USD technical picture has been bearish for a while with a bear flag triggered pointing to the targets as low as 1.05 and 1.01 (with a possibility of extending a dip to 0.96 on a long-term horizon).

(Market News Provided by FXstreet)