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10 Apr 2015
EUR/USD: Rallies seen as selling opportunities - FXCharts
FXStreet (Bali) - According to Jim Langlands, Founder at FXCharts, rallies in EUR/USD should be seen as selling opportunities, following the breakout of a key support through 1.0720.
Key Quotes
"Several important levels of support have given way, and the Euro has fallen sharply before pulling up just ahead of the Fibo support at 1.0600 (76.4% of 1.0461/1.1052), although we are not too far away from it, having so far seen a low of 1.0637. A break of 1.0600 will see some support at 1.0579 (18 mar low), but below that there is not too much to hold it until 1.0500 and the trend low of 1.0461."
"The hourlies are now becoming oversold so the downside momentum may slow a little, although any rallies do seem to present selling opportunities. The topside will meet minor resistance at 1.0685 and then at 1.0700 and we should hold below the previous low at 1.0712 now if the downtrend towards parity (eventually) is under way."
Key Quotes
"Several important levels of support have given way, and the Euro has fallen sharply before pulling up just ahead of the Fibo support at 1.0600 (76.4% of 1.0461/1.1052), although we are not too far away from it, having so far seen a low of 1.0637. A break of 1.0600 will see some support at 1.0579 (18 mar low), but below that there is not too much to hold it until 1.0500 and the trend low of 1.0461."
"The hourlies are now becoming oversold so the downside momentum may slow a little, although any rallies do seem to present selling opportunities. The topside will meet minor resistance at 1.0685 and then at 1.0700 and we should hold below the previous low at 1.0712 now if the downtrend towards parity (eventually) is under way."