EURUSD: Breaking above 1.0735 barrier would be very encouraging - Natixis

Sandeep Kanihama FXStreet Contributor

According to Micaella Feldstein, research analyst at Natixis, the 1.0525-1.0543 area (61.8% Fibonacci retracement of the 1.0340-1.0831 wave / Jan 3rd, 2017- Feb 2nd, 2017) interrupted the downside for EUR/USD, preventing the emergence of a downside bubble on the daily chart and paving the way for a rally to 1.0735 (daily parabolic).

Key Quotes

“Breaking above this barrier would be very encouraging and would enable the pair to recover further to the key 1.0819-1.0831 barriers (daily Bollinger upper band); levels already tested in December 2016 and also at the end of January 2017/ beginning of February 2017.”

“A break of these last barriers would be needed to initiate a lasting rally in the coming weeks to the 1.0913 threshold (9-month moving average) and to 1.0986 (monthly Bollinger moving average). The supports stand at 1.0573, at 1.0525-1.0543, at 1.0491 and at 1.0390-1.0404.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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