Euro Technical Major Currencies (2011-05-17)

By @ibtimes on

Morning Report

The pair moved to the upside yesterday, where the daily closing was at the neckline mentioned for the bearish pattern at 1.4150. The positivityof momentum indicators keeps the upside bias for the pair, suggesting possible upside movement towards the SMA 50; the negativity from the breach of the ascending channel's support and the bearish technical pattern signal the possibility for extending the downside correction over intraday basis. This conflict makes us hold onto our neutrality today and observe the pair for clear indications.

The trading range for today is among the major support at 1.3910 and the major resistance at 1.4395.

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

Previous Report

Weekly ReportSupport1.41501.41051.40501.39801.3910Resistance1.42151.42501.43051.43951.4455RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations

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