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12 Mar 2015
EUR/USD: Parity soon to appear on the horizon - FXCharts
FXStreet (Bali) - Jim Langlands, Founder at FXCharts, notes that EUR/USD remains a sell rallies game, with parity and lower levels in sight.
Key Quotes
"Soft readings from today’s EU CPI numbers will see the Euro come under further pressure and then later on the US Retail Sales will be released, which are expected to be strong, and would propel the dollar to higher levels still, where the DXY is poised to break up through 100.00 for the first time since April 2003, having today peaked at 99.98."
"Technically the Euro has taken out most of the support levels with ease and if we take out 1.0500, there is now not too much left to hold it up ahead of the descending channel base at around 1.0200 and then at the Fibo support at 1.0069 (76.4% of 0.8225/1.6037), below which parity will appear on the horizon."
"If we do see a correction, then 1.0600 will be the first hurdle, above which we could see a run back towards 1.0710 (23.6% of 1.1378/1.0510) although this looks well out of reach at present."
Key Quotes
"Soft readings from today’s EU CPI numbers will see the Euro come under further pressure and then later on the US Retail Sales will be released, which are expected to be strong, and would propel the dollar to higher levels still, where the DXY is poised to break up through 100.00 for the first time since April 2003, having today peaked at 99.98."
"Technically the Euro has taken out most of the support levels with ease and if we take out 1.0500, there is now not too much left to hold it up ahead of the descending channel base at around 1.0200 and then at the Fibo support at 1.0069 (76.4% of 0.8225/1.6037), below which parity will appear on the horizon."
"If we do see a correction, then 1.0600 will be the first hurdle, above which we could see a run back towards 1.0710 (23.6% of 1.1378/1.0510) although this looks well out of reach at present."