18 Aug 2015
EUR/USD set for a key correction - GS
FXStreet (Guatemala) - Analysts at Goldman Sachs noted a break above the 55 DMA and the July 14 downtrend in EUR/USD.
Key Quotes:
"Both of these levels have been very relevant to recent price action. The 55-dma in particular held the entire decline from the May ’13 high to early-Apr. ’15. It should now act as important support at 1.1095.
The next big pivot to focus on is 1.1168; an ABC from the Jul. 20th low. A close above will open potential for a 1.618 extension target to 1.1366. This also happens to be close to the previous two highs from May/June (1.1438-68) and a 0.618 extension from March (1.1432).
Overall, seems the next two big levels are 1.1168 and then 1.1366-1.1468."
Key Quotes:
"Both of these levels have been very relevant to recent price action. The 55-dma in particular held the entire decline from the May ’13 high to early-Apr. ’15. It should now act as important support at 1.1095.
The next big pivot to focus on is 1.1168; an ABC from the Jul. 20th low. A close above will open potential for a 1.618 extension target to 1.1366. This also happens to be close to the previous two highs from May/June (1.1438-68) and a 0.618 extension from March (1.1432).
Overall, seems the next two big levels are 1.1168 and then 1.1366-1.1468."