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Fresh Market Analysis from ForexBrokerInc

Discussion in 'Technical Analysis' started by ForexBrokerInc, Nov 25, 2014.

  1. ForexBrokerInc

    ForexBrokerInc New Member

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    EURUSD – short-term breathing space for the single currency

    Euro enjoyed +80 points advance against the greenback on Mario Draghi’s readiness for ECB to expand its stimulus program to boost inflation as quickly as possible. Traders shall bear in mind the upcoming annualized report for US Q3 GDP figures coming out in several hours. As the pair found a short term support at 1.2360 and bounced off the recent resistance at 1.2440 during Monday’s quiet trading, traders are more than likely to remain in favour of the Dollar in the coming days, which are filled with major economical events.

    Technically speaking the pair remains in a down trend heading towards 2012’s July low at 1.21.

    As Friday’s breakout of the short term trend line returned and is penetrating the 1.2440, traders will be watching out for the coming data from US to take further positions. With no strong movements above its current level in coming hours, the pair is likely to continue its selling course.
     
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