Friday, February 11, 2011

EUR/USD

Euro recovery from Monday´s low, 1.3505 halted on Wednesday at at 1.3745, and the pair, weighed by renewed concerns about Portuguese debt, plunged on Thursday, to extend below the 20-day MA hitting fresh lows in Asia, at 1.3550.

On the downside, below 1.3550 (session low), next support levels lie at 1.3505 (Feb 7 low), and 1.3445/60 (Jan 21 lows). On the upside, resistance levels lie at 1.3595 (intra-day resistance), and above here, 1.3625/30 (session high/20-Day MA) and 1.3640/55 (intra-day resistance levels).

On a longer-term perspective, a weekly close below the 20-day SMA, around 1.3620, will sift the pair's bias to bearish, says Alberto Muñoz C, technical analyst at FXstreet.com: "Euro is breaking below its daily SMA 20 and oscillators are in bearish mode so a close below the current levels at the end of the US session would confirm a shift in market sentiment and a possible fall to 1.3500 or even more in the short term."

source: http://www.fxstreet.com

10 comments:

  1. Wow, the falling of the euro is impressive...

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  2. Thanks for the info, useful as always.

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  3. Oh dear... The Euro really is flopping...

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  4. Id no idea the euro was falling this much

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  5. Never thought id see the euro go down so much... :/ i have about 6000EU and like 2000USD so im hoping it goes down more lol, so i can trade up the rest of my USD for EU when it bounces

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  6. I'm surprised that Euro is falling that much. I honestly had no idea

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  7. are you currently trading your currency?

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  8. Good info I guess, nothing too eye-opening.

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  9. It's not necissarily the weakening of the Euro, the USD is gaining steam.

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