The EUR/USD seems to have found a short term top in yesterday’s high of 1.3586, and points for a short term downward correction this Thursday: trading around 1.3550 support, the 4 hours chart shows indicators heading lower in positive territory, with RSI ready to reenter below the 70 level, with a pretty vertical slope. As long as below mentioned high, there’s room for a bearish movement towards the 1.3485/1.3500 level, where buying interest should resume.
A break above the daily high on contrary will expose the upside up to 1.3660 today, although with US NFP data tomorrow, market players may prefer to stay quiet today.
Valeria Bednarik was key speaker at the FXStreet International Traders Conference in October 2009 - Barcelona.
Valeria Bednarik has been an active trader since 2003, specializing in the International Foreign Exchange Market.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.