Euro Technical Major Currencies (2011-03-11)

By @ibtimes on

Morning Report

The pair stabilized trading above the upside channel's support level shown above, accompanied by positive signs appearing through stochastic. This makes us expect a bullish intraday trend, but note present critical trading, where breaching 1.3800 and stabilizing below it will weaken chances of resuming the current upside and lead to more bearish movement, due to the effect of the bearish trend that was completed yesterday.

The trading range for today is among the key support at 1.3715 and the key resistance at 1.4000.

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 ReportSupport1.38001.37151.36801.36101.3540Resistance1.38601.39251.39801.40351.4085RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3800 targeting 1.3925 and stop loss below 1.3715, might be appropriate.

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