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Awaiting EUR/USD Reaction At 61.8% Level

Currencies / Euro Feb 26, 2010 - 07:48 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleThe EUR/USD has continued to grind lower, reluctant to embark on any meaningful rebound phase. Earlier supports have given way but, now, the 61.8% pullback level has been neared, offering sidelined bulls another chance.


The FX Trader’s view


 WEEKLY CHART:

The reversal in trend at the 76.4% recovery level has so far been characterised by muted recovery attempts.

Earlier support, which included the old 1.3737 Mar-09 high area, failed and the 61.8% retracement around 1.3400 is now under scrutiny.

Now look closer…


DAILY CHART:

Note how the s/term chart structure has subtly changed in Feb – this has been accompanied by positive RSI divergence signs, which call for bears to be more cautious now.

This is occurring on the approach to the 61.8% pullback level (see Weekly chart above).

At this stage a close above the 1.3800 area would be an initial positive sign, but further s/term indecision could be seen before any recovery got properly underway.

Mark Sturdy
John Lewis

Seven Days Ahead
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© 2010 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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