Wednesday, May 2, 2012

EURUSD Technical Analysis

The Euro is extremely weak against the US Dollar today. The pair broke 2 daily lows around 1.3205 and a rising trend line on the 4 hour chart. The brake is confirmed by the indicators. Daily Stochastic show a clear cross down and 4H RSI crossed the 50 level. Current support is around 1.3155 (21 days MA). This clear brake could open the door to a move all the way down to 1.30 support area. If retested again, 1.32 level can be an aggressive entry point to a medium term down move. Protective SL should be placed above the last high around 1.3280. Note that tomorrow ECB will announce his rate decision, and after the surprise from Australian Central Bank, anything can happen.

No comments:

Post a Comment