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Posted by Finotec on Monday June 28, 2010 5:32 am
EUR/USD Current price 1.2370. Near past Friday’s New York
closing levels, pair long term bias in the pair shows 1.2460 as a
strong resistance area, ahead of 1.2520, quite close.
| Long signal | Short signal |
| |
Buy a break of resistance level at 1.2490 |
Sell a break of support level at 1.2255 |
| EUR/USD |
Buy a break of resistance level at 1.2585 |
Sell a break of support level at 1.2220 |
| |
Buy a bounce at 1.2255 |
Sell a failure of breaking the resistance 1.2490 |
Fundamental
EUR/USD Current price 1.2370. Near past Friday’s New York closing
levels, pair long term bias in the pair shows 1.2460 as a strong
resistance area, ahead of 1.2520, quite close. If above this last,
there is a chance of seeing the pair extending the rally towards the
1.30 area. Still sovereign debt woes, and banking crisis is not over in
euro zone, and despite market is much less short in the common
currency, the road to the upside will be a hard one.
Technical
Technical analysis shows the Euro may continue its uptrend. We notice
the demand in the market by using indicators like MACD, which shows
strength in the market. RSI is in an uptrend. Bollinger gives a bullish
signal by closing the candle above the middle band.
EUR/USD (Daily Chart)
The primary tendency is in a downtrend.
EUR/USD (4 Hour Chart)
The pair forms a new support level on MA20 periods line.
EUR/USD (Hourly Chart)
The Minor trend breaks the previous resistance.
Resistance
1.2490
1.2585
Support
1.2255
1.2220
