Euro Technical Major Currencies (2012-02-23)

By @ibtimes on

Morning Report

The pair continued trading very narrowly during the Asian session as seen on the provided daily chart. This tight range assisted Stochastic to show a bearish tendency; thus, we suggest a potential downside move today but not before clearing 1.3200 areas. Bears should be protected by a daily closingbelow the key resistance level of 1.3320 where 100-Day SMA exists.

The trading range for today is among key support at 1.3025 and key resistance at 1.3455.

The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.

Previous Report

Weekly ReportSupport1.32301.32001.31701.31401.3110Resistance1.32951.33201.33701.33901.3415RecommendationBased on the charts and explanations above our opinion is, selling the pair below 1.3200 targeting 1.3025 and stop loss above 1.3320 might be appropriate.

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