Euro Technical Major Currencies (2011-05-12)

By @ibtimes on

Morning Report

The pair did not go along with the set conditions for the bullishness and breached the ascending channel's support as shown above. We have a critical support ahead at 1.4170 representing the neckline for a proposed bearish pattern still under formation, which will extend the intraday downside move within the correctional formation for the bullishness from 1.2870. On the other hand, Stochastic is trading within overbought areas that might pressure the pair to the upside. Accordingly, we remain neutral today and observe the pair around the critical 1.4170 support and 1.4335 resistance.

The trading range for today is among the major support at 1.4020 and the major resistance at 1.4455.

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

Previous Report

Weekly ReportSupport1.41701.41051.40501.40201.3980Resistance1.42501.43351.44051.44551.4545RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations

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