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16 Dec 2014
EUR/USD may extend its rally to 1.2560/70 region – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, the EUR/USD rally due to the positive European data may extend upto the 1.2560/70 price zone if it breaks above 1.2530 levels.
Key Quotes
“The EUR/USD pair surged to a fresh 3-week high above the 1.2520 on improved European data. Early opening, the PMI readings for the EZ ticked higher, with only German Services PMI missing expectations and printing 51.4 against 52.1 previous.”
“In the meantime, WTI crude oil futures trade below $ 55 a barrel and Brent below $ 60, adding to the bearish case for the dollar.”
“The EUR/USD 4 hours hart shows that price extended well above a bullish 20 SMA, while indicators head north in positive territory, supporting further advances.”
“Above 1.2530, Nov. 6th daily high, the pair can extend its rally up to the 1.2560/70 price zone, while further advances may reach the 1.2600 level, highest since Oct. 30th.”
“The 1.2490 level is the immediate support and should attract short term buying interest if reached, to keep the upward momentum alive.”
“A break below it however, can see the pair retracing back towards the 1.2400/50 price zone, in route to the 1.2400 figure.”
Key Quotes
“The EUR/USD pair surged to a fresh 3-week high above the 1.2520 on improved European data. Early opening, the PMI readings for the EZ ticked higher, with only German Services PMI missing expectations and printing 51.4 against 52.1 previous.”
“In the meantime, WTI crude oil futures trade below $ 55 a barrel and Brent below $ 60, adding to the bearish case for the dollar.”
“The EUR/USD 4 hours hart shows that price extended well above a bullish 20 SMA, while indicators head north in positive territory, supporting further advances.”
“Above 1.2530, Nov. 6th daily high, the pair can extend its rally up to the 1.2560/70 price zone, while further advances may reach the 1.2600 level, highest since Oct. 30th.”
“The 1.2490 level is the immediate support and should attract short term buying interest if reached, to keep the upward momentum alive.”
“A break below it however, can see the pair retracing back towards the 1.2400/50 price zone, in route to the 1.2400 figure.”