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3 Dec 2014
Probability of a further sell-off is high for EUR/USD – FXStreet
FXStreet (Barcelona) - FXStreet Analyst and Editor, Omkar Godbole, sees a high probability of a sell-off for the EUR/USD pair as the daily RSI is likely to breach the rising trend line support.
Key Quotes
“The EUR/USD pair fell sharply to 1.2380 levels on Tuesday, following the Monday’s Doji candle on the daily chart. The pair has extended losses today to trade at 1.2373 levels, with the daily RSI bearish at 39.83 levels.”
“Meanwhile, the hourly chart shows, the pair is currently trading around multiple support levels located in a range of 1.2358-1.2373. The hourly RSI hovers in the oversold region and may form a bullish divergence with price if the current hourly candle closes in the green. In such a case, a re-test of 1.2420 levels is possible.”
“On the other hand, a fresh selling pressure awaits below 1.2358 levels, which could take the pair down to 1.2280 levels. Moreover, the probability of a further sell-off is high, since the daily RSI is likely to breach the rising trend line support at 40.00 levels.”
Key Quotes
“The EUR/USD pair fell sharply to 1.2380 levels on Tuesday, following the Monday’s Doji candle on the daily chart. The pair has extended losses today to trade at 1.2373 levels, with the daily RSI bearish at 39.83 levels.”
“Meanwhile, the hourly chart shows, the pair is currently trading around multiple support levels located in a range of 1.2358-1.2373. The hourly RSI hovers in the oversold region and may form a bullish divergence with price if the current hourly candle closes in the green. In such a case, a re-test of 1.2420 levels is possible.”
“On the other hand, a fresh selling pressure awaits below 1.2358 levels, which could take the pair down to 1.2280 levels. Moreover, the probability of a further sell-off is high, since the daily RSI is likely to breach the rising trend line support at 40.00 levels.”