Forex4you's Blog – December 2011 Archive (4)

EUR/USD: Technical Analysis

The EUR/USD is forming a base which looks like an inverted head & shoulders pattern and could indicate a correction in prices to come. Strong momentum convergences are also signalling a possible bounce – with a target at the channel line at 1.2970. The overall trend is still down, however, and it could resume at any time with a target at the 1.2855 lows, where the monthly pivot supports. The mix of evidence could also point to a…

EUR/USD: Technical Analysis

The price reached 1.2900 target, mentioned in the previous analysis. The "bears" are now making attempts to breach this support. Trading is being carried out around 1.2910/15 levels. Indicators suggest a downtrend, so the "bearish" attempts have all chances to turn out successful. If the barrier is breached, the next target will be found at 1.2800/20 level. On the other hand, the price has recently approached its yearly minimums, which…

EUR/USD: Technical Analysis

Eurodollar is still meandering in a tight consolidation zone. A small rally this morning did however reach resistance from the trend-line at 1.3080 and this could push the exchange rate back down to the range lows at around 1.3030, given the overall downside bias. No major moves are expected until volume picks up after the Christmas break.…

EUR/USD: Technical Analysis

The corrective pull-back this morning has signalled a short-term reaction. Despite a bigger picture which remains bearish the current rally may still go a little higher, to perhaps either 1.3085 or if particularly strong then the cluster of pivots and resistance levels at 1.3150. After that the broader down-trend should resume, with the old lows at 1.2950 targeted eventually.…