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Currency Pick of The Week
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Currency Pick of The Week
Fri, Nov 20 2009, 11:32 GMT
Forex Reviews
Read the independent Forex reviews on a wide range of trading platforms, systems & brokers. All reviews are completely unbiased and factual.Choppy Waters Ahead for the Euro!
10:00 GMT
The benchmark Euro pair is headed for a cascading waterfall in the coming week as its recovery attempt was cut short by a stiff 1.4935 resistance. The pair remained range-bound this week. It formed a Hanging Man candle pattern in yesterday’s trading session, which was confirmed obvious with a Bearish session in today’s trade.
The trend line is already sloping downward with the pair making lower successive highs. Worse still are the 4-hourly charts as the pair has lost its long term upward momentum with the indicators turning pessimistic as well. Candles are currently trading below the 200 day EMA favoring fresh downward bias. RSI is already headed downwards below its centerline, currently at 46.34. Strength in the Greenback due to concerns of a potential bubble in assets and a double dip recession in late 2010, is also favoring the Bearishness of the pair.
The upside looks limited as it is progressively failing to break resistances. A downside rally appears certain [cross your fingers!] with the pair looking bearish in longer term charts.
The pair is currently trading marginally below centerline of the Bollinger bands and below its 14 day EMA, showing that it is headed southwards in the week to come.Traders can go short for the coming week, with a target of 1.46252 (Stop Loss: 1.47227) in mind.
Published on Fri, Nov 20 2009, 11:32 GMT
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- Currency Pick of The Week
Published On Fri, Nov 20 2009, 11:32 GMT - Currency Pick of The Week
Published On Sat, Nov 14 2009, 08:41 GMT - Currency Pick of The Week
Published On Fri, Oct 16 2009, 17:18 GMT - Currency Pick of The Week
Published On Thu, Oct 1 2009, 11:18 GMT - Currency Pick of The Week
Published On Fri, Aug 21 2009, 07:27 GMT
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