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EUR/USD - Bears to remain in control - FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole, views bears to remain in control for the EUR/USD pair inspite of the pair trading slightly higher at 1.2473.

Key Quotes

“The EUR/USD pair finished at 1.2453 last week, after a weaker-than-expected US Non-farm payrolls data helped oversold currencies post modest gains against the US Dollar. The pair is trading slightly higher today at 1.2473 levels, which is a 23.6% retracement level of the down trend witnessed since mid-October. “

“On the hourly chart, the pair is struggling to sustain gains above 1.2473, while the RSI is turning lower from 60.00 levels. The pair is likely to re-test 1.2506 levels if prices continue to struggle near 1.2470-1.2480 levels. Meanwhile, on the daily chart, the pair is trading few pips above the 5-day moving average level of 1.2464, while the RSI continues to be bearish at 39.07. Moreover, a fresh demand for Euros can be anticipated only above 1.25 levels, post which the pair is likely to test 1.2550. Overall, the bears shall remain in control so long as the pair trades below 1.25 levels.”

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