HI all
Can any one explain me how to interpret the following news on EUR/USD, and use it effectively ?
Also explain me which fundamental and technical indicators will be most suitable to arrive at the conclusion using the following news article :-
The Euro lacks direction and continues to consolidate below the 1.36 mark after another failed attempt to stabilize higher on yesterday.
First intra-day support is seen at 1.3500/05 - 61.8% retracement of Wednesday's trading range - confirmed on yesterday's pullback from 1.3640 topside. Below 1.3500/05, other barriers are noticed at 1.3415/30 and 1.3330. On the upside, intra-day resistance is clustered into the 1.3640-1.3740 zone - formed by previous days highs.
A potential break out of the range, above 1.3740, will confirm the uptrend resumption, aiming towards notable mid-term barrier at 1.3855. Upside remains slightly favored for now, despite the choppy price action. Current quote is 1.3579 @07:00 GMT
Support levels: 1.3500/05, 1.3415/30, 1.3330, 1.3240 and 1.3095/00.
Resistance levels: 1.3640/50, 1.3680, 1.3740/50, 1.3800 and 1.3855.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bullish
Rohit
Can any one explain me how to interpret the following news on EUR/USD, and use it effectively ?
Also explain me which fundamental and technical indicators will be most suitable to arrive at the conclusion using the following news article :-
The Euro lacks direction and continues to consolidate below the 1.36 mark after another failed attempt to stabilize higher on yesterday.
First intra-day support is seen at 1.3500/05 - 61.8% retracement of Wednesday's trading range - confirmed on yesterday's pullback from 1.3640 topside. Below 1.3500/05, other barriers are noticed at 1.3415/30 and 1.3330. On the upside, intra-day resistance is clustered into the 1.3640-1.3740 zone - formed by previous days highs.
A potential break out of the range, above 1.3740, will confirm the uptrend resumption, aiming towards notable mid-term barrier at 1.3855. Upside remains slightly favored for now, despite the choppy price action. Current quote is 1.3579 @07:00 GMT
Support levels: 1.3500/05, 1.3415/30, 1.3330, 1.3240 and 1.3095/00.
Resistance levels: 1.3640/50, 1.3680, 1.3740/50, 1.3800 and 1.3855.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bullish
Rohit
