Thursday, June 30, 2011

EUR/USD 1,4488

Euro rally from 1.4100 extended yesterday to multi-week highs past 1.4500, to reach level close to the top of a converging range, at 1.4540, which, according to Karen Jones, technical analyst at Commerzbank, could open the doors for a retest of 1.4732.

Above the top of the current consolidation range, at 1.4540, the pair wold aim towards 1.4732, says Jones: "We are inclined to view the market as ranging/consolidating ahead of a break lower. However should 1.4540 be cleared we must allow for a retest of 1.4732, the 78.6% retracement."

On the other hand, failure at 1.4540 could precede a retest to 1.4119, according to Jones: "Failure at 1.4540 will see a retest of the 1.4119 support line which is regarded as the break down point to the 200 week ma at 1.4017, the 1.3968 recent low and the 200 day ma at 1.3871."

source: fxstreet.com


4 comments:

  1. 1,4488 damn i think ill go play poker in dollars!
    thanks for the share.

    ReplyDelete
  2. Too unstable for my tastes. Small fluctuations indeed, but marginal when playing with big bucks.

    ReplyDelete