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13 Apr 2015
EUR/USD might correct towards 1.0650 – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, EUR/USD might correct higher towards 1.0650 if the pair breaks above the symmetrical triangle seen on hourly charts.
Key Quotes
“On the charts, we see the pair currently trades at 1.0589, with daily RSI at 36.50, indicating more room for sell-off. On the hourly charts, a small symmetrical triangle formation can be seen. A break above the symmetrical triangle, could see the pair re-test 1.0650 levels (hourly 50-DMA).”
“Meanwhile, a break below the symmetrical triangle, could push the pair down to 1.05 levels.”
“Given the oversold RSI on the hourly and 4-hourly chart, we could see a minor correction towards 1.0650, before the sell-off resumes. However, a break below symmetrical triangle, would reduce the probability of a technical correction.”
Key Quotes
“On the charts, we see the pair currently trades at 1.0589, with daily RSI at 36.50, indicating more room for sell-off. On the hourly charts, a small symmetrical triangle formation can be seen. A break above the symmetrical triangle, could see the pair re-test 1.0650 levels (hourly 50-DMA).”
“Meanwhile, a break below the symmetrical triangle, could push the pair down to 1.05 levels.”
“Given the oversold RSI on the hourly and 4-hourly chart, we could see a minor correction towards 1.0650, before the sell-off resumes. However, a break below symmetrical triangle, would reduce the probability of a technical correction.”