Trading Forecast EUR/USD
February 3, 2011 7:50 AM GMT
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| EUR/USD closed lower on Wednesday as it consolidates some of the rally off January's low. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If it extends this month's rally, the 75% retracement level of the November-January decline crossing is the next downside target. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. |
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