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1 Jul 2014
EUR upside recovery may reach some more highs
FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov notes that EUR moved to the upside reaching 1.3700-1.3710 resistance area which bounced back the price on first attempt.
Key quotes
"This upside recovery may reach some more highs, but I think that by the end of the week we shall have a reversal and drop below 1.3650 again."
"Currently the price is supported by the 1.3680-1.3670 support area and we are bullish as long as the price is above that support area. My model shows that the upside may even reach 1.3810 on some fundamental news, before the reversal."
"We keep the upside potential but the pair will enter in a consolidation mode as the market will prepare for the ECB meeting on Thursday."
"Any further actions from ECB will put EUR under a heavy downside pressure, while any optimistic speech of Mr. Draghi will send the price to above 1.3800."
"However we have a pretty strong negative Ichimoku cloud on Daily which will stop any upside move, no matter what Draghi says. But keep in mind an upside spike may happen."
Key quotes
"This upside recovery may reach some more highs, but I think that by the end of the week we shall have a reversal and drop below 1.3650 again."
"Currently the price is supported by the 1.3680-1.3670 support area and we are bullish as long as the price is above that support area. My model shows that the upside may even reach 1.3810 on some fundamental news, before the reversal."
"We keep the upside potential but the pair will enter in a consolidation mode as the market will prepare for the ECB meeting on Thursday."
"Any further actions from ECB will put EUR under a heavy downside pressure, while any optimistic speech of Mr. Draghi will send the price to above 1.3800."
"However we have a pretty strong negative Ichimoku cloud on Daily which will stop any upside move, no matter what Draghi says. But keep in mind an upside spike may happen."