Euro Technical Major Currencies (2011-11-04)

By @ibtimes on

Morning Report

Heavy fluctuations dominated trading yesterday as the ECB cut interest rates by 25 bps, however the pair keeps attempting toward the level we mentioned yesterday at 1.3825 failing to print a clear breach of the level. At the same time, a bearish flag pattern may be in progress, however a breach of the aforementioned level may negate this pattern and send the pair towards 1.3930 areas again. Therefore, we will continue to anticipate bullishness if the 1.3825 was taken.

The trading range for today is among the major support at 1.3380 and the major resistance at 1.4080.

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

*The provided chart based on GMT+2*

Previous Report

Weekly ReportSupport1.37801.37201.36601.36101.3565Resistance1.37251.38701.39301.39751.4000RecommendationBased on the charts and explanations above, we recommend buying the pair with four-hour closing above 1.3825 targeting 1.3875 and 1.3935 , stop loss with hourly closing below 1.3780

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