EUR/USD - Euro Dollar, European Session - 20/11/08

19 November 2008 @ 10:54 pm EDT

1,2506. EUR USD broke 1,2590 support. EUR USD is in a consolidation after the last bearish movement. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The price should find a support above 1,2450 (56 pips). The consolidation should continue. If the support is broken then the target will be 1,2330 (176 pips). We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,2590 - 1,2690
Supports
1,2445 - 1,2330

For more forex information, go to www.mataf.net

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