Euro Technical Major Currencies (2011-05-11)

By @ibtimes on

Morning Report

The pair respected yesterday's scenario moving away from the main support for the ascending channel and approaching the target at 1.4455. Stochastic is trading within overbought areas which might cause some downside correctional bias, yet we have signs of a bullish pattern that might extend the upside intraday move for today. The neckline for the proposed pattern resides at 1.4420 and a breach is required to activate this pattern. Targets start at 1.4545 then 1.4640 and require stability above 1.4315.

The trading range for today is among the major support at 1.4265 and the major resistance at 1.4640.

The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

Weekly ReportSupport1.43151.42651.42201.41501.4105Resistance1.44201.44551.45451.45851.4640RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 1.4420 targeting 1.4585 and stop loss below 1.4315 might be appropriate today

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