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Trading news
8 Feb 2013
Forex: EUR/USD consolidates below 1.3400
The single currency is extending its intraday decline on Friday, navigating in a congestion pattern in the area around weekly lows at 1.3365/75
In the opinion of I.Spivak, Currency Strategist at DailyFX, “prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at 1.3643, the 100% Fibonacci expansion. Sellers are now testing below the 61.8% level at 1.3395, with a break exposing the 38.2% mark at 1.3242. Near-term resistance is at 1.3494, the 76.4% Fib”.
At the moment, the cross is losing 0.20% at 1.3371 facing the next support at 1.3349 (low Jan.25) ahead of 1.3265 (low Jan.23) and then 1.3215 (Lower Bollinger).
On the flipside, a break above 1.3462 (low Feb.5) would expose 1.3510 (MA10d) and finally 1.3577 (high Feb.7).
In the opinion of I.Spivak, Currency Strategist at DailyFX, “prices turned lower as expected after putting in a Bearish Engulfing candlestick pattern below resistance at 1.3643, the 100% Fibonacci expansion. Sellers are now testing below the 61.8% level at 1.3395, with a break exposing the 38.2% mark at 1.3242. Near-term resistance is at 1.3494, the 76.4% Fib”.
At the moment, the cross is losing 0.20% at 1.3371 facing the next support at 1.3349 (low Jan.25) ahead of 1.3265 (low Jan.23) and then 1.3215 (Lower Bollinger).
On the flipside, a break above 1.3462 (low Feb.5) would expose 1.3510 (MA10d) and finally 1.3577 (high Feb.7).