Euro Technical Major Currencies (2011-06-03)

By @ibtimes on

Morning Report

Over four-hour basis, the pair stabilized above the 23.6% Fibonacci retracement level at 1.4455, and this indicates a strong momentum which may result in more upside attempts to touch 1.4585 and maybe 1.4650 levels. Momentum indicators are overbought, which may cause big fluctuations in the pair. Trading above 1.4335 keeps the possibility of continuing the upside move

Trading range for today is among the major support 1.4235 and the major resistance 1.4650

The short term trend is to the upside with a steady daily closing above 1.2795 targeting 1.5135Support1.44551.43951.43351.42851.4235Resistance1.45001.45451.45851.46401.4690RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4455 targeting 1.4650 and stop losses below 1.4335 might be appropriate for today.

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