FXstreet.com (Córdoba) – The EUR/USD peaked earlier at 1.4540/47, the highest price since January 14, 2010 but lost bullish momentum, moved in ranges for some hour and currently is testing levels below 1.4500. The pair is retreating after rising 200 pips from today’s opening price, extending to almost 400 pips the distance from Monday’s low.
The EUR/USD hit recently at 1.4987 the lowest price since early European session and remains hovering barely below the 1.4500 level.
Fan Yang, Chief Technical Strategist at FXTimes points out that the pair “is likely returning to its bullish mode”. “A swing projection seen in the daily chart is suggested by a positive reversal signal where the RSI low is lower, but the price low is higher”, Yang says. He affirms that the swing projection targets 1.4675, “this is the short-term target at the moment”.
The EUR/USD hit recently at 1.4987 the lowest price since early European session and remains hovering barely below the 1.4500 level.
Fan Yang, Chief Technical Strategist at FXTimes points out that the pair “is likely returning to its bullish mode”. “A swing projection seen in the daily chart is suggested by a positive reversal signal where the RSI low is lower, but the price low is higher”, Yang says. He affirms that the swing projection targets 1.4675, “this is the short-term target at the moment”.
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