Euro Technical Major Currencies (2011-02-17)

By @ibtimes on

Morning Report

The pair has been witnessing mixed trading, but in overall trading stabilized above the MA 50 inching closer to the downside channel's resistance level around 1.3630. Stochastic is giving off overbought signs that may pressure the pair to resume the downtrend due to trading within this channel; however, stabilizing above the MA 50 could push for a breach of this resistance and turn this downside channel into a continuous flag pattern, where the pair can prevail with its bullish short term direction. We recommend observing trading today, specifically around critical levels between 1.3630 and 1.3505 that hold the ability to decide the upcoming trend. Meanwhile, changes will be noted through intraday letters.

The trading range for today is among the key support at 1.3425 and the key resistance at 1.3755.

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 ReportSupport1.35051.34551.34251.33651.3310Resistance1.35751.36301.36801.37151.3755RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.

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