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15 May 2015
EUR/USD key resistance at 1.1536 – SG
FXStreet (Barcelona) - Technical Analysts at Societe Generale, note that the target for the confirmed double bottom pattern seen in EUR/USD remains at 1.1536.
Key Quotes
“After rebounding from the multi-year upward channel at 1.05/1.04, EUR/USD is now closing in on its February high of 1.1536, also the 50% retracement from last December.”
“It is noteworthy that the pair confirmed a double bottom formation last month, and the projected target for the pattern will be met once the 1.1536 level is achieved.”
“However, the weekly RSI is now probing a trend line resistance and, more importantly, is closing in on the graphical level of 50%, suggesting limited upside. 1.1536 will be a key resistance.”
Key Quotes
“After rebounding from the multi-year upward channel at 1.05/1.04, EUR/USD is now closing in on its February high of 1.1536, also the 50% retracement from last December.”
“It is noteworthy that the pair confirmed a double bottom formation last month, and the projected target for the pattern will be met once the 1.1536 level is achieved.”
“However, the weekly RSI is now probing a trend line resistance and, more importantly, is closing in on the graphical level of 50%, suggesting limited upside. 1.1536 will be a key resistance.”