EUR USD - Price is currently locked within a relatively broad/choppy 1.5350 - 1.5900 interweek trading range. Longer term direction will be dictated by the correct interpretation of the current price action.
The first (favoured) interpretation is one of topping behaviour, prior to primary uptrend reversal. Factors which support this view are the recent upside acceleration (potential blow-off trend ending phase) of the primary uptrend, on approach to the 1.6045/1.6365 target zone (Fibonacci projection off the December 2007 reaction low and projected multi-year channel top), with the subsequent choppy price action symptomatic of sharp changes of sentiment (market participants reluctant to [...]
Entries Tagged as 'EUR/USD'
EUR USD - Price is currently locked within a choppy trading range
April 5th, 2008 · No Comments
Tags: EUR/USD
EUR/USD: Retracement…..
March 27th, 2008 · No Comments
EUR/USD – Uptrend highlights resistance at 1.5905 and 1.6010.
EUR/USD reached price target at 1.5650 this week after a correction held above support at 1.5286. Although the correction was swift, it did allow the daily studies to resolve an overbought divergence. With valuations now at neutral levels, support at 1.5586 and 1.5439 is expected to attract buying interest for a re-test of the secular high at 1.5905. A daily close above this level would affirm the bullish view, targeting secondary resistance levels at 1.6010 and 1.6206. The new target is located at 1.6005 based on bullish view.
Tags: EUR/USD
