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EUR/USD could fall to 1.2760 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole points out that EUR/USD is weaker today, following yesterday's rise above 1.28 on poor US Reatil Sales, and could drop towards 1.2760.

Key quotes

"The pair is trading slightly weak today as the hourly RSI indicates the pair was overbought."

"The pair can fall to 1.2760 levels, where a fresh demand for the Euros can be anticipated."

"Moreover, the pair breached a critical resistance of 1.2790 on the daily charts yesterday, opening doors for a re-test of 50-day moving average level of 1.2970, if the prices manage to rise above the immediate resistance of 1.2859."

"Meanwhile, the daily RSI has crossed 50.00 levels and currently stands at 51.24 levels ."

"The short term moving averages – 5 SMA and 10 SMA – have given a bullish crossover on the daily chart, increasing a probability of a further up move in the pair."

"A technical correction in the European equities may add to the bullishness in the EUR/USD pair today."

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