Forex Technical Analysis - RCPL Forex

Euro: Euro was initially sold after the US jobs data but later recovered as oil moved higher and the pair closed at 1.5564 after touching a low of 1.5515 on Friday. The bias for the pair continues to remain on the downside with the hourly and 4-hourly stochastic having almost corrected towards overbought region. Immediate resistance comes in at 1.5660 (55 4-Hourly EMA, 55 Daily EMA and trend line resistance) where shorts can be initiated targeting 50-60 pips.(Eur/Usd: 1.5577).


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