The stochastic seems to favor a rebound in the short term, but area 1.2770 will be attacked again.
EUR/USD started the day on a slow note, consolidating within a very tight range. When the U.S. session opened, however, the pair broke out to the downside and didn’t stop until it encountered major support at the 1.2800 level. Would’ve been a good idea to go long at this level as it was a major psychological level and the Stochastic indicated that conditions were oversold.
No reports were released from the euro zone or the U.S. yesterday. This may have helped the euro pare some of its losses against the dollar.
We just have to sit and wait for tomorrow to see what position institutional investors will agree.
EUR/USD traded in a range yesterday, finding resistance at the PDH and support at the WO. There were a couple of good trades… You could’ve shorted twice at the PDH and aimd for the WO. You could have also bought at the WO and aimed for the 1.2900 MaP/PDH.
EUR/USD was slowly rising up the charts but Fed head Ben Bernanke’s remarks about the Fed soon tapering off asset purchases quickly boosted the dollar.
Double-Bottom @ ‘support at WIO’
EUR/USD started the day on a weak note as it simply moved within a tight consolidation. It broke out during the EU session though when the euro zone PMI readings came out. It got another boost during the U.S. session when a Fed member, namely James Bullard, said that the central bank isn’t as close to tightening as what the market thinks.
It’s now the turn of the Ecb and Mr Draghi on June 6th.
Will it take EU to recovery zone or just the zig zag around this area again. I mean do we see a clear trend after 6th june.
EUR/USD was completely directionless yesterday as most major countries were out on holiday. The pair simply moved within a tight 30-pip range with support at the 1.2920 area and resistance at the 1.2950. Only a quick scalp trade at the 1.2950 was a valid trade.
No major data was released yesterday, so EUR/USD pretty much remained in consolidation mode. It did get a small dose of volatility when the German Preliminary CPI was released though. It staged a small rally, but quickly went into consolidation mode again.
The 85-days moving average is a great support / resistance from August 2012. Here we can return short EurUsd.
Resistance line: 1.3031,
Bullish targets:1.3061, 1.3092
Support line: 1.2939
Bearish targets: 1.2908,
1.2878
As expected, the 85-days moving average has limited the rise… Will stay below this level till Thursday, the day of the ECB.
Lots of data released, but none had a strong effect on price action. Dead market as EUR/USD simply traded horizontally. The only valid trade was the short at the retest of the broken PWL.
Breakout of my target lines: Support line: 1.30005 Resistance line: 1.30463
Depending on this I have following targets:
Bearish targets: 1.29852, 1.29700; Bullish targets: 1.30615, 1.30768
Support line: 1.3031, targets of bears: 1.3000, 1.2970
Resistance line: 1.3092, targets of bulls: 1.3122, 1.3153
