fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: Technical Analysis for EURO Mon Dec 23, 2013 9:11 am | |
| Technical Analysis for EURO The pair has mildly retraced ahead of the closing of the previous week following the sharp decline seen on Wednesday and Thursday. However, the closing was achieved below the middle line of Bollinger bands, which represents a new technical obstacle. The bearish effect of the harmonic pattern discussed earlier over four hour interval is still in play, while hitting SMA 50 at 1.3600 is required to affirm the bearishness expected for this week. On the upside, taking out 1.3830 will negate our scenario. Support: 1.3655, 1.3600, 1.3550, 1.3500, 1.3475 Resistance: 1.3715, 1.3740, 1.3800, 1.3830, 1.3885 Recommendation Based on the above analysis, sell the pair below 1.3715 targeting 1.3550 and stop-loss above 1.3835 | |
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