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EUR/USD could dip towards 1.25 - RBS

FXStreet (Łódź) - Dmytro Bondar, Technical Analyst at RBS suggests that EUR/USD might test the 1.25 level, which however shouldn't be broken amid oscillators.

Key quotes

"The EUR/USD has probably formed a base at 1.2506 (161.8% projection from the Aug impulse wave), as RSI displayed a positive divergence while exiting the oversold region."

"The pair has though reached the top Bollinger band and 1.2860retracement, from where another correction is possible."

"If so, the potential dip towards 1.2500 should sustain above the level amid RSI positive divergence and earlier formed piercing pattern."

"Then a further recovery to 1.2860, 1.3000 and 1.3200 will be expected. A sustained break below 1.2500 cancels the view and sees 1.2422 as the next support."

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