Euro Technical Major Currencies (2010-12-17)

By @ibtimes on

Morning Report

The pair is showing a bullish slant since yesterdayand it is currently trading around SMA 50, while Stochastic enters overbought areas. Meanwhile, the pair neared the breached retest level for the ascending intraday channel at 1.3330. It is vital that the suggested support level maintains yesterday's stance at 1.3175, where we expected a bullish intraday direction that requires a clear breach and base built above 1.3330, alongside 1.3175 continuing in front of any attempts to move to the downside. Note that the suggested bullish trend depends on surpassing 1.3330 to continue,otherwise negative pressure on the pair willtake it tothe mentioned critical support level.

The trading range for today is among the key support at 1.3080 and the key resistance at 1.3520.

The short term trend is to the upside as far as 1.2795 remains intact with targets at 1.5135.

Previous Report

Weekly ReportSupport1.32351.32051.31751.31201.3080Resistance1.33301.33651.34201.34601.3520RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3330 targeting 1.3520 and stop loss below 1.3235, might be appropriate.

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