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EUR/USD Daily Technical Forex

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EUR/USD Daily Technical Forex

Mon, Apr 21 2008, 11:48 GMT
by Timothy Straiton

Stoploss.ch


Current level at 13:47 CET is 1.5904, trading above the daily pivot point level of 1.5829 after having seen a correction to the downside on Friday as far as 1.5712. Hourly Bollinger and standard error bands are poised to the upside and reflect the positive short-term trend. Pivot point related resistance levels for today are at 1.5945 and then 1.6074. Support levels are at 1.5700 and then 1.5584. Although the daily picture is still positive, a falling 14 day ADX suggests that random short-term moves are to be expected. The Fibonacci 261.8 percent projection target of the 1.1643 - 1.3668 range comes in at 1.6980 which should cap the medium-term potential for this currency pair.

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