Euro Technical Major Currencies (2011-02-10)

By @ibtimes on

Morning Report

The pair succeeded in resuming yesterday's incline to reach levels near 1.3750 and reverse to the downside, where we currently expect more downside movement that will complete forming the right shoulder for the suggested bearish technical pattern. This supports the negativity appearing through stochastic, but the minor ascending channel could prove otherwise. In overall, we recommend keeping an eye on intraday trading specifically around critical levels represented by support between 1.3655, 1.3575 and resistance 1.3750 - 1.3785 in order to insure the upcoming direction.

The trading range for today is among the key support at 1.3500 and the key resistance at 1.3890.

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

Previous Report

Weekly ReportSupport1.36551.35751.35001.34251.3365Resistance1.37151.37551.37851.38251.3860RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

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