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The big selloff on Friday for the Euro seems to suggest that a bias remains for the downside this upcoming week. 1.1850 remains as a strong support, but should the pair breach this level look for the Euro to slide down to 1.1800 and then begin to challenge 1.1750.
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Trading stance: buy on a move above 1.1950 or sell below 1.1880 with tight price/time stops.
...and from the experts...
(www.saxobank.com) With the break higher yesterday in EUR/USD, the old resistance area
becomes the new support area - meaning first support is now 1.1900 and
second and final support is the 1.1850 area. The main target higher is
1.2150-1.2200, though we may be initiating a sequence that takes us
back to 1.2500+
(ac-markets.com) The 1.1885 key was broken during European lunch, the pair rallied to
1.1980 as massive stops were triggered, it looks like the Dollar rally
as definitely ended and we turn to rise towards 1.26. 1.2000 is key
resistance, a break there send the pair up further, 1.2225 next large
resistance. Think the 1.2000 level will hold at least a day or two and
we can correct the recent spike, initial support 1.1935, again at
1.1910 and 1.1885 will now be key support, but a break there should not
lead lower than 1.1800/20ish, buy dips. On top after 1.2000, 1.2035
next minor resistance, 1.2085 strong.
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We might recommend looking for a break-out today, so buy on a move
above 1.1820 or sell if it dips below 1.1740. Be sure to have a
tight stop.
...and from the experts...
(www.saxobank.com) EUR/USD survived a test of lower support yesterday below 1.1780, and
remains supported in the short-term, even if the medium term picture
shows strong resistance in the 1.1870/1.1900 zone. That last area needs
to fall if we are to see a strong reversal higher - the preferred
scenario. A fall through 1.1730, on the other hand, would dash any
short-term hopes of a further rally and have us focusing on the bottom
of the range again at 1.1640 and possibly beyond.
Trading stance: buy on a move above 1.1830 or sell below 1.1730 with tight price/time stops.
(ac-markets.com) Thursday remained slow and range-bound, developing a very-short-term
trend with resistance at 1.1775, while below we should continue
falling, target 1.1690, minor support at 1.1735. While we may not fall
a great deal more today, a weekly close underneath 1.1730 is bearish
and we’d expect to advance towards 1.14 next week.
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