1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forex4you Technical Analysis 18 February 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Feb 18, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
    Likes Received:

    The pair ascended from the mentioned previously support level 1.35370 yesterday. Further growth to levels 1.36380 and 1.36695 is still a possibility. Key support level today is seen within the range 1.35870. And only if this level is breached downwards, we'll be expecting a short-term trend to

    change and level 1.35550 to be tested.


    EUR/USD: technical analysis

    Short-term down trend channel line (red lines), close to horizontal resistance 1.3640/50, proved to be challenging for the "bulls", like expected. After ascending to level 1.3620/30, the price is pulling back downwards and resides at level 1.3570/80 at the moment. Indicators are turned up, suggesting further growth on the one hand, but the fact that R% escaped from the overbought zone gives reasons to consider a possible decline and the trades may fall to 1.3540/30 on the other hand. Sideways correction within the range 1.3630 – 1.3540/50 has recently become a possibility. Decline below this range's support and then below level 1.3500 will give reasons to expect further decline to 1.3400, and then to support level of a down trend channel. Further growth and level 1.3640 breakout will let the price rise to 1.3710/20.


    EUR/USD: technical analysis

    The exchange rate rose as anticipated and touched the upper channel line of the move up and the trendline down off the February 2nd highs at 1.3625. This was a crucial point of resistance which led to a minor reversal in trend. Currently it is falling quite fast although it may pause before falling further. The trendline of the correction at 1.3500 provides a probable target, whilst a stronger move might even reach the clusters of support at 1.3440.


    Forex | Currency Trading

    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.

Share This Page