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Forexpros Daily Analysis - 20/06/2011

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Jun 20, 2011.

  1. forexpros2

    forexpros2 Member

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    ForexPros Daily Analysis June 20, 2011


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    What Is Next For EUR/USD?

    The common currency is on the hot seat again. After being quiet for some time, the Greek sovereign debt problem resurfaced as a dominant market mover and the Euro’s price behavior reflects it. Its daily chart indicates lack of commitment by market participants.

    The EUR/USD had a nice rally in the early part of the year, reaching a high of 1.4939. That was followed by a pull back to 1.3968, very typical after a strong advance. Since then, however, the price has been indecisive – it has made neither a new low, nor a high, and is moving in smaller in swings.

    Drawing trend lines here creates a symmetrical triangle, with the EUR/USD quickly approaching its apex. On Thursday the lower trend line was tested, the price dipped under it, but closed higher for the day, confirming the indecisive phase of this market. Hopefully, that should not last much longer.

    Given where the price is located within the triangle, we can expect a move relatively soon. Technical indicators are not helpful now, with the MACD and the RSI at neutral levels. It is best to wait for the EUR/USD to break through either of the trend lines before placing trades based on this chart.

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    Forex Trading analysis written by Mike Kulej for Forexpros.

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    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.
     
    #1 forexpros2, Jun 20, 2011
    Last edited: Jun 20, 2011
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