FXS: EUR/USD recovery under pressure below 1.4550 resistance - MIG Bank
FXstreet.com (Barcelona) - Euro Dollar recovery has lost strength after reaching key resistance area at 1.4550, according to Ron William, technical analyst at MIG Bank, who expects the pair halt here,and retreat to the lower boundary of the current triangle pattern, at 1.4148, and then to 1.4000.
The Euro is losing pace below key resistance at 1.4550, says William: "EUR/USD’s reactionary bounce is losing momentum as it comes under pressure into key resistance at 1.4550 (a confluence of both the multi-week triangle pattern ceiling and 76.4%/78.6% Fib-08th June price swing)."
Over the near-term, Williams sees the Euro capped at 1.4550, aiming to 1.4148 and 1.4000: "We watch for this area to cap recent bullish gains for a return back to the lower boundary of this critical triangle pattern. Key downside trigger levels remain at 1.4148 (38.2% Fib-Jan 2011 uptrend) and 1.4000 (psychological)."
