Euro Technical Major Currencies (2011-06-23)

By @ibtimes on

Morning Report

The pair approached the first target awaited yesterday around 1.4455 and reversed to the downside after recording the high of 1.4440 affected by the negativity on Stochastic. This downside pressure completed the bearish rising wedge pattern and we believe that the pattern will pressure the pair to extend the intraday bearishness today. We might witness some volatility and fluctuations to retest the broken rising wedge support at 1.4365 before moving towards targets at 1.4205.

The trading range for today is among the major support at 1.4090 and the major resistance at 1.4480.

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

Previous Report

Weekly ReportSupport1.42601.42051.41551.40901.4040Resistance1.43651.43951.44551.44801.4560RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.4365 targeting 1.4205 and stop loss above 1.4455 might be appropriate

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