Euro Technical Major Currencies (2011-03-08)

By @ibtimes on

Morning Report

The pair moved to the downside due to the negativity of stochastic, which has rid of this negativity to gain bullish momentum that accompanies positive crossover signs appearing and maintaining a bullish slant intact. The MA 50 continues supporting the pair's movement to the downside and thus we expect a bullish intraday direction starting initial targets around 1.4100, while requiring trading to stabilize above 1.3860 to prevail.

The trading range for today is among the key support at 1.3860 and the key resistance at 1.4195.

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.Support1.39801.39251.38601.37751.3715Resistance1.40351.40851.41951.42301.4280RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3925 targeting 1.4085 and stop loss below 1.3860, might be appropriate.

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