Euro Technical Major Currencies (2011-02-15)

By @ibtimes on

Morning Report

The pair rebounded from levels around 1.3400 due to the positivity of momentum indicators, where it neared the retest level once again around 1.3575. The MA 50 is around this level, alongside stochastic gradually losing bullish momentum and thereby making us expect a bearish intraday direction after touching the highlighted retest level, where awaited targets start at 1.3400 then 1.3365. Note that the sensitivity of the targeted levels, where continuing its stance in front of the pair's descend will help trading return within the bullish trend once again, while the effect of the bearish technical pattern mentioned in our previous reports will end.

The trading range for today is among the key support at 1.3365 and the key resistance at 1.3615.

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 ReportSupport1.35001.34251.33651.33101.3260Resistance1.35751.36151.36801.37151.3755RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.3575 targeting 1.3400 and stop loss above 1.3680, might be appropriate.

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