Euro Technical Major Currencies (2011-05-20)

By @ibtimes on

Morning Report

The pair is hovering around SMA 50 and still finding difficulty in stabilizing above it, while Stochastic continues the upside move and approaching overbought areas. The series of daily closings above the critical 1.4150 support make signal an intraday upside move today to retest the breached support -now resistance- at 1.4455. We should observe the pair closely when reaching those areas as the downside reversal from there is the first signal for extending the downside correction in the coming period.

The trading range for today is among the major support at 1.4105 and the major resistance at 1.4545.

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

Previous Report

Weekly ReportSupport1.42451.42151.41501.41051.4050Resistance1.43201.43601.44551.45451.4585RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 1.4320 targeting 1.4450 and stop loss below 1.4245 might be appropriate

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