Friday, April 29, 2011

EUR/USD 1,4840

Euro recovery from yesterday's low at 1.2750 has been capped at 1.2960/65 resistance area, and the pair has pulled lower, forming another "double top" at the mentioned 1.2960, according to Fan Yang, technical analyst at FXTimes.

The pair has formed a "double top" pattern, according to Yang, activated below 1.2910: "The recent from 1.28 has met resistance at 1.2960. During today’s European session, a double top is forming with a break below the 1.2910 support."

On the downside, the pair targets 1.2800 says Yang: "As the market has been bearish from 1.3250, the bearish outlook is inline with the prevailing trend. Looking at the internal structure of the sideways channel seen in the 4H chart, a wave equality target is at 1.28."

source: fxstreet.com

10 comments:

  1. whats up with crued im still getting robed at the pump

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  2. So how much money is there to be made in currency trading? I hear a lot about it but know very little about what it truly is. I'll keep checking this blog out.

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  3. Good overview of current situation on EUR/USD relationships.

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  4. looks like its going to stay low for the next couple of days

    ReplyDelete