Yesterday the dollar left to lose, now is on profits!
August 10, 2010 by Forex news
Filed under Forex, Forex news, Uncategorized
Yesterday the dollar ¡ left to lose, today's earnings will !
Currency Market EURUSD - Close to very important test of critical line
The euro broke both the substrate and the resistance specified on the report yesterday, without being able to reach the defined objectives.
But the dollar managed to drag the euro at 1.3130. And as we said in yesterday's report:
"The fact that upward movement is slowing warns of a possible correction of the general rise from the minimum on Friday. Such a correction would be violent little less than 200 points as their ideal target is 1.3086. "
And so far, we have seen the price fall from the top on Tuesday nearly 130 points! Technically, what is important is that we are approaching a very important trend line, and we are put to the test: the uptrend line from the minimum of 29 June at the hourly chart, which runs very close to the minimum yesterday.
So, we now have eyes and open mind, consider all scenarios, and have ready plans separate operation.
When we tested the trend line above, will be the most important technical event for the rest of the week.
This line is 1.3130, and to maintain positive technical perspective, it should not break.
But in case of breakdown, we will witness a sharp drop at least 1.3026, which is likely to be followed by an important test of 1.2933.
On the other hand, short-term resistance is at 1.3194, and is the key to more growth. If it breaks, will be 1.3311 and 1.3383 as targets.
Support :
• 1.3130: uptrend line from the minimum of the June 29 and yesterday. Support more important at the moment.
• 1.3026: maximum of 20 July.
• 1.2933: Fibonacci 61.8% of the rise from 1.2731.
Resistance :
• 1.3194: line downward from the top on Tuesday on intraday charts.
• 1.3311: minimum of 24 March.
• 1.3383: minimum of 31 March.
Analysis by: Forexpros.es involving Munther.
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Forexpros.es
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