[lang=en]EUR/USD: Technical Analysis
The euro rolled-over during the night and has been falling all today. There is no evidence of any weakness in the downtrend so it will propbably continue. However, it has reached oversold levels to there is the possibility of a short term bounce. It has reached a support and resistance line at the current 1.4220 level and it could rebound from here. Alternatively the S3 daily pivot at 1.4180 level could also provide a buying zone. Longer term it would be expected to make new lows.
Analysis by: Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/lang]
The euro rolled-over during the night and has been falling all today. There is no evidence of any weakness in the downtrend so it will propbably continue. However, it has reached oversold levels to there is the possibility of a short term bounce. It has reached a support and resistance line at the current 1.4220 level and it could rebound from here. Alternatively the S3 daily pivot at 1.4180 level could also provide a buying zone. Longer term it would be expected to make new lows.
Analysis by: Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/lang]