The Dollar Index is approaching important support zone of 75.40-76.00, consistent close below 75.00 would resume long-term bearishness in the USD. Though 76.00 ranges are expected to again act important support in short term; historic resistance in...
Data on American consumer confidence from Conference Board, Inc., (CB) today may indicate mild optimism that could drive the greenback lower in the short-term. Recent news has done little to alter the current direction of the forex...
Weekly review for 17 – 21. 10, 2011
With a break above recent resistance at 1,0370 the pair is poised to continue its move to the upside with a next target at 1,07.
After a sharp upside move towards 1,0650 the pair has been under intense pressure pulling back towards parity which is now being tested.
After a break below previous low at 0,8870 the pair has confirmed a corrective move with a next target at 0,87 (38% retracement).
The pair remains in a long term bearish trend but it is still complicated to trade with sharp upside down moves.
The break back above 1,5850 from friday has confirmed a bullish bounce with the market currently testing the key 1,60 resistance.
With a break above the high of October 17 (1,3914), the pair has confirmed a bullish bias over the short term.
The EUR/USD rose last week following the completion of a long-term consolidation trend, reaching a 4-day high of 1.3900. This morning, however, the pair bounced off the resistance level and is now trading near 1.3865.
