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13 May 2015
EUR/USD: Consolidation before a break higher- FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the current technical conditions surrounding EUR/USD.
Key Quotes:
"Consolidating near the highs by the US close, the 1 hour chart shows that the technical indicators have lost their upward potential, but remain in overbought territory, far from suggesting an upcoming short term corrective move."
"In the same chart, the price is way above its moving averages, with the 20 SMA heading strongly higher at 1.1280 and above the 100 and 200 SMAs, in the 1.1210 region."
"In the 4 hours chart, the 20 SMA has provided intraday support around the mentioned daily low and now aims slightly higher, whilst the Momentum indicator heads strongly up above 100 and the RSI indicator hovers around 67, all of which suggest some consolidation ahead, before a break higher, eyeing a continued advance up to the 1.1530 price zone."
Key Quotes:
"Consolidating near the highs by the US close, the 1 hour chart shows that the technical indicators have lost their upward potential, but remain in overbought territory, far from suggesting an upcoming short term corrective move."
"In the same chart, the price is way above its moving averages, with the 20 SMA heading strongly higher at 1.1280 and above the 100 and 200 SMAs, in the 1.1210 region."
"In the 4 hours chart, the 20 SMA has provided intraday support around the mentioned daily low and now aims slightly higher, whilst the Momentum indicator heads strongly up above 100 and the RSI indicator hovers around 67, all of which suggest some consolidation ahead, before a break higher, eyeing a continued advance up to the 1.1530 price zone."