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4 Jun 2015
EUR/USD: stay long for 1.16 – RBS
FXStreet (Barcelona) - Dmytro Bondar, Technical Analyst at RBS, suggests remaining long on EUR/USD for 1.16 onto 1.20 and stopping only on a sustained break below 1.08.
Key Quotes
“The pair formed a local base at the 1.08 support level, being the 38.2% Fibonacci retracement from the March impulse wave, as it formed a double bottom and tested the first target of 1.14.”
“The next move is likely to be to the upside to the 2nd target of 1.1644, as 10/3/3 stochastics formed a positive crossover in the oversold region. Therefore, I keep the dollar-negative view and target 1.16 at least in the EUR/USD with further test of 1.20 possible. Stop is a sustained break below 1.08.”
Key Quotes
“The pair formed a local base at the 1.08 support level, being the 38.2% Fibonacci retracement from the March impulse wave, as it formed a double bottom and tested the first target of 1.14.”
“The next move is likely to be to the upside to the 2nd target of 1.1644, as 10/3/3 stochastics formed a positive crossover in the oversold region. Therefore, I keep the dollar-negative view and target 1.16 at least in the EUR/USD with further test of 1.20 possible. Stop is a sustained break below 1.08.”