EUR/USD 4H chart 8:00AM EDT 4/9/2013
1.30: Price action for EUR/USD during the 4/8 session was more or less sideways when it held under 1.3040. But it also found support around the 1.30 handle. Then, during the 3/9 session, it popped up to a new high for the month, above 1.3050. It came back down during the European session. As we get into the 3/9 US session it holds above 1.30, and is trying to climb back up above 1.3050. Ability to do so should continue the bullish outlook at least in the short-term.
Failure: Failure to push higher above the current high of 1.3067, and a break below 1.30 can be a sign that bears are taking over. A break below 1.2965 would further confirm topping and suggest a retest of a price bottom, which has resistance around 1.2880 that could be tested as support.
Looking at the 1H chart, if the RSI holds above 40, we still maintain bullish momentum. The moving averages are still in bullish alignment, so in this environment, buying on a dip could be a good idea, until a break below 1.2850 at which point, the bearish outlook could be revived.
More aggressive targets for the next couple of weeks:
50% retracement = 1.3227
61.8% retracement = 1.334
The information used by ForexMinute.com including any opinions, charts, prices, news, data, Buy/Sell signals, research and analysis is provided as general market commentary and does not constitute any investment advice. ForexMnute.com is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly or indirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite. Do not invest more money than you can afford to lose.
Note that the high level of leverage in forex trading may work against you as well as for you. Please seek advice of an independent financial advisor if you are not fully aware about the risks associated with foreign exchange trading. Forex trading on margin involves considerable exposure to high risk, and may not be suitable for all investors. Global Invest does not endorse any companies, products or services which are represented on Forexminute.com The information on this website is subject to change without notice.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.