fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/USD Daily Outlook Thu Feb 20, 2014 10:54 am | |
| EUR/USD Daily Outlook Daily Pivots: (S1) 1.3714; (P) 1.3743 (R1) 1.3762; More.... Intraday bias in EUR/USD remains on the upside for the moment. As noted before, pull back from 1.3892 has completed at 1.3476 already. Further rally should be seen back to retest 1.3892 high. On the downside, below 1.3691 minor support will turn bias neutral and bring consolidations before staging another rise. In the bigger picture, overall price actions from 1.6039 is viewed as a corrective pattern. The choppy rise from 1.2042 is viewed as a leg inside the pattern. Upside momentum is rather unconvincing with weekly MACD crossing below signal line. But it's too early to call for a top at 1.3892. Nonetheless, even in case of another rally, upside potential should be limited and strong resistance would be seen between 1.4 psychological level and 100% projection of 1.2042 to 1.3710 from 1.2755 at 1.4423. Decisive break of 1.2755, however, will confirm medium term reversal and target a new low below 1.2042. | |
|