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Currencies: Technical Strategies
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Key Levels for EUR/USD
Wed, Apr 2 2008, 19:58 GMT
by Andrei Pehar
According to insiders, the ECB has supposedly pledged to
"protect" the Euro from rising above 1.60 against the US Dollar,
though for now it has shown difficulty sustaining levels above 1.59 (perhaps precisely
due to this rumor). Where the EUR/USD heads next depends largely upon
what happens at the key levels it currently finds itself sitting upon.
1.5656 represents the intersection of the weekly pivot, as well as both the 50
and 200 moving averages. We also have the daily central pivot providing
support at 1.5609, and the S1 pivot below that at 1.5534 Looking above,
we find resistance waiting at 1.5685, 1.5760, and 1.5836 The technicals suggest it is time for a
cooling (as evidenced by the double top on the daily chart), meanwhile the
fundamentals seem to suggest a resilient European economy (led by Germany) and
further troubles ahead for the United States.
Overall, there is a strong range between 1.5757 and 1.5380 which has been in
place for 4 weeks now, and all longer-term Fibonacci moves have now reached
their logical conclusions. Recommendation is to continue to trade the
range, playing close attention the support and resistance levels inside, until
we see a break outside confirmed with a re-test (resistance becomes support,
and vice-versa).
Published on Wed, Apr 2 2008, 20:24 GMT
Archive
- An Interesting Chart- The USD/CAD Weekly
Published On Fri, Oct 30 2009, 22:25 GMT - Next Levels to Watch on the EUR/USD
Published On Thu, Sep 24 2009, 01:22 GMT - Key Level to Watch for the Yen
Published On Mon, Mar 16 2009, 20:04 GMT - How Much Further Can the Pound Fall?
Published On Tue, Jan 13 2009, 13:33 GMT - Has the Aussie Found Bottom?
Published On Wed, Oct 22 2008, 20:29 GMT
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