The EUR/USD prices spiked to 1.2409 which represents its Daily MA (50) before erase gains dropping to 1.2132 due to ECB disappointment. Yesterday daily closing below the middle band signals further downtrend may resume to the lower band at 1.2081. The euro outlook remains bearish.
Re: EUR/ USD Daily Technical Analysis 6th August 2012
Hi all,
Both CCI (14) and stochastic are living the overbought area and giving a sell signal. Also, the EUR/USD prices failed to close above its MA (50) which leaves the pair under a selling pressure.
The euro outlook remains bearish, so we continue to believe that any rally will provide a good opportunity to sell the currency.
Support 1: 1.2340
Support 2: 1.2287
Resistance 1: 1.2410
Resistance 2: 1.2545
Re: EUR/ USD Daily Technical Analysis 7 August 2012
Hi all,
The EUR/USD prices failed again to close above its SMA (50) which leaves the pair under a selling pressure. The stochastic emerged from the overbought territory is warning a downswing may be ahead. Initial support is seen at 1.2290. a strong resistance lays at 1.2450, the trend line. The euro outlook remains bearish, so we continue to believe that any rally will provide a good opportunity to sell the currency.
The EUR/USD prices failed again to close above its SMA (50) which leaves the pair under a selling pressure. The Stochastic Indicator is currently above the 80 level (overbought territory), which means that a top might be put here.
The RSI is now very close to extreme overbought territory. Further upside is expected, which may face a strong resistance at 1.2450. However, the euro outlook remains bearish, so we continue to believe that any rally will provide a good opportunity to sell the currency.
