Euro Technical Major Currencies (2012-01-27)

Morning Report

Areas of 1.3195 held against the upside attempts yesterday and now the pair returned to the downside once again to trade below 1.3135 areas shown above. The negative reversal on RSI is still valid, while Stochastic is trading within oversold areas attempting a positive crossover. Breaching areas of 1.3035 will trigger a bearish correctional wave while the breach of 1.3195 will confirm the upside move. Therefore, we remain neutral for now awaiting the confirmation signals to define the upcoming move more accurately in the coming report.

The trading range for today is among the major support at 1.2840 and the major resistance at 1.3295.

The short-term trend is to the downside with steady daily closing below 1.3145 targeting 1.2220.

*The chart above is based on NY time*

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