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13 May 2015
EUR/USD outlook bearish while below 1.1390 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, maintains a negative bias on EUR/USD while the pair trades below 1.1390, and further expects a move lower towards 1.1184 if the pair fails to break 1.1272-1.1277.
Key Quotes
“A minor inverted head and shoulder formation is seen on the hourly chart, with the neckline resistance at 1.1272. A break above the same could open doors for a test of 1.1310-1.1320.”
“However, a failure to break above 1.1272-1.1277 could see a renewed selling pressure that could push the pair down to 1.1184 (23.6% Fib retracement of 1.0519-1.1390). The outlook stays bearish so long as the pair trades below 1.1390.”
Key Quotes
“A minor inverted head and shoulder formation is seen on the hourly chart, with the neckline resistance at 1.1272. A break above the same could open doors for a test of 1.1310-1.1320.”
“However, a failure to break above 1.1272-1.1277 could see a renewed selling pressure that could push the pair down to 1.1184 (23.6% Fib retracement of 1.0519-1.1390). The outlook stays bearish so long as the pair trades below 1.1390.”