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20 Apr 2015
EUR/USD: consolidation with upside bias – AceTrader
FXStreet (Barcelona) - Recent price action suggests the EUR/USD pullback has ended and consolidation with an upside bias lies ahead, notes the AceTrader Team.
Key Quotes
“Despite euro's retreat after extending last week's upmove from 1.0521 (Monday) to 1.0849 Friday, subsequent rebound from 1.0734 in New York.”
“This suggests pullback has ended there and consolidation with upside bias remains, above said resistance anytime would bring stronger retracement of decline from March's peak at 1.1062 towards 1.0890/00.”
“On the downside, only a daily close below 1.0734 would indicate a top is possibly made and shift risk to downside for weakness towards 1.0685 and then 1.0640/50.”
Key Quotes
“Despite euro's retreat after extending last week's upmove from 1.0521 (Monday) to 1.0849 Friday, subsequent rebound from 1.0734 in New York.”
“This suggests pullback has ended there and consolidation with upside bias remains, above said resistance anytime would bring stronger retracement of decline from March's peak at 1.1062 towards 1.0890/00.”
“On the downside, only a daily close below 1.0734 would indicate a top is possibly made and shift risk to downside for weakness towards 1.0685 and then 1.0640/50.”