FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, a break above the key level at 1.5220 might lead the pair upwards towards the 1.5270 price zone.

Key Quotes

“The Cable saw an early spike up to 1.5223, but was unable to sustain its gains and pulled back some 50 pips. There was no catalyst behind the movement, and market erased it as fast as it triggered it. The pair keeps holding fairly above the 1.5150 price zone, after the European court cleared the way for QE sending EURUSD to fresh multiyear lows.”

“Technically, the 4 hours chart shows price holds above a mild bullish 20 SMA but indicators are saying something different, losing upward potential and with momentum about to cross its midline to the downside.”

“Nevertheless, the latest pair’s range points for a clear break before confirming a certain directional strength: to the upside, the key level to watch is the 1.5220 price zone, as renewed buying interest above it should see the pair advancing up to 1.5270 price zone.“

“Below 1.5150 the pair may approach to the 1.5100 figure, while a break below this last should lead to a downward acceleration towards the 1.5030/50 price zone.“