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Oct 31, 2014
EUR/USD trading lower on Friday at 1.2564 - FXStreet
FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole observes that EUR/USD is trading lower on Friday at 1.2564 after the daily close on Thursday above 1.26 levels.
Key quotes
"The daily RSI bearish at 38.25 levels. As expected, the prices declined after the pair re-tested and faced rejection at the hourly chart Head and Shoulder Neckline level located around 1.2620 levels."
"The hourly RSI, at 26.00, has once again hit the overbought zone, although it can extend the fall to 20.00 levels, seen yesterday."
"The pair is likely to re-test the 1.2547 levels, and may extend the decline to 1.25 levels today."
"Moreover, we could see a bullish Price-RSI divergence develop today on the hourly chart, if the pair manages to rise after hitting lows below 1.2547 levels, while the hourly RSI sustains above 20.00 levels."
"In such a case, a fresh demand for the Euros can be anticipated above 1.2580 levels, which could lead to a re-test of 1.2670 levels. Meanwhile, a further participation of bears can be expected below 1.25 levels."
Key quotes
"The daily RSI bearish at 38.25 levels. As expected, the prices declined after the pair re-tested and faced rejection at the hourly chart Head and Shoulder Neckline level located around 1.2620 levels."
"The hourly RSI, at 26.00, has once again hit the overbought zone, although it can extend the fall to 20.00 levels, seen yesterday."
"The pair is likely to re-test the 1.2547 levels, and may extend the decline to 1.25 levels today."
"Moreover, we could see a bullish Price-RSI divergence develop today on the hourly chart, if the pair manages to rise after hitting lows below 1.2547 levels, while the hourly RSI sustains above 20.00 levels."
"In such a case, a fresh demand for the Euros can be anticipated above 1.2580 levels, which could lead to a re-test of 1.2670 levels. Meanwhile, a further participation of bears can be expected below 1.25 levels."