EUR/ USD – Entering a consolidation period after retracing.
International Trading
THE TECHNIQUE OF GIVING A GOOD MASSAGE
14 years ago
Saturday, September 11, 2010
, Posted by Usman Ali Minhas at 12:45 PM
As we can see from the previous analysis, since august the price has retracted with the bears coming in to push the EUR/ USD down towards the first target to the short side at 1.2719. The price has now found significant support at this level and has since found resistance at the weekly 20 period moving average and support ending the week; again at 1.2719.
The price may re-trace up from here over the next couple of weeks and should the price break through the 20 period moving average then the first likely target will be the 1.3293 price where sellers came in before. Should this level break then the next key price to look for would be the 1.3752.
If however the price breaks through the current support then the next likely target would be 1.2379; a level where significant buying power came in at in the end of 2008.
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