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FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that technicals remain supportive for a lower move in EUR/USD, with the pair expected to fall to 1.0635 levels, below which might expose 1.0600.
Key Quotes
“On the charts, we see the pair has given up its early gains to trade at 1.0680 levels. The pair is also back below its 10-DMA located at 1.0697, thereby opening doors for a further sell-off towards its 5-DMA located at 1.0635 levels.”
“Moreover, the pair has failed to sustain gains above the double top neckline level of 1.0711 levels. The daily RSI too is pointing to a further sell-off. Thus, a fall to 5-DMA located at 1.0635 is possible.”
“A further sell-off to 1.06 could be seen in the case of a break below 1.0635.”
“On the other hand, a rise above 1.0711 could see fresh demand for the Euros.”
