Euro Technical Major Currencies (2011-05-19)

By @ibtimes on

Morning Report

The euro maintained its stability above the 38.2% Fibonacci correction at 1.4150 supported by Stochastic that is supporting the pair to the upside. We expect an intraday upside move today at least to retest the breached support for the main ascending channel now a resistance at 1.4430. We should observe the pair when reaching this level to determine the next move.

The trading range for today is among the major support at 1.4105 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 ReportSupport1.42451.42151.41501.41051.4050Resistance1.43201.43601.44301.44551.4545RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 1.4320 targeting 1.4430 and stop loss below 1.4245 might be appropriate

Join the Discussion