The Eur/Usd in the long ans short term

Taking a look at 4 hours charts, the pair is recovering some bullish strength, after a 61.8% correction of this week rally. Momentum has turned to the upside, yet not clear signs from indicators at the moment, as the candle have just started, yet open under the 20 SMA. The pair has just attempted to get above the 1.2800 level, yet failed. In fact, I can see a tough congestion zone between 1.2800/1.2830, that could give the pair a hard time to the upside in the next hours. Above it, next important resistance will be @ 1.2880, then some pips above the 38.2% of the rally, @1.2940 and finally 1.2975. Under 1.2745, 1.2690 will be exposed, and under that zone, 1.2655 will be the target to consider.
 
Let’s turn to weekly charts and see what happened: yesterday’s maximum reached exactly the 38.2% of the down leg coming from 1.4867, and the […]

Original post by Valeria Bednarik

This entry was posted on Friday, October 31st, 2008 at 5:46 am and is filed under eurusd, Long-Term Analysis, Short-Term Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.