Forex4you Technical Analysis 14 March 2013

EUR/USD: 1.29 still supporting

Eurodollar sold off yesterday reaffirming the short-term down-trend as it continues making lower lows and lower highs. It also retracted back into its descending channel after temporarily breaking out. Nevertheless it failed to break the key support level from the September and October '12 highs. The target from the H&S top is met so there is potential for a bounce. Volume on yesterday's spike-down was weak and a rise back up to the range highs at around 1.3080 is possible. Alternatively a decisive move below the 1.2920 lows might signal the next leg down to 1.2815.

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Views: 41

Comment

You need to be a member of My Forex Space - Online Forex Trading Community to add comments!

Join My Forex Space - Online Forex Trading Community

Comment by SNOWBALL-yanyan on March 14, 2013 at 3:50pm

after the data about emplyment of USA, there is a reverse , it seems up-trend more possible...

just wanna say , not for advise...

Featured Brokers

© 2019   Created by Sam Wexler.   Powered by

Badges  |  Report an Issue  |  Terms of Service