Hi Traders,
This week, the euro/dollar retreated from the 1.3334 level to the 1.3104 level equivalents at 230 points as a result of the proliferation of economic data in favor of US dollar and thus degrading the situations in Europe.
We notice that the prices are traded in a sideway area and as long as the prices are traded below the key resistance level at 1.3211 and may be regarded as a corrective move supporting the downward trend starting at 1.4940 level in May 1st 2011. As it is showed on the Fibonacci weekly chart.
Therefore, it is expected to resume a downward price trend, especially with the form of the head and shoulders and if it succeed to breach down the level of 1.3205 then the next target will be at the 1.3050 level.
Good luck for all
Read more Forex, Futures, Commodities, Spot Gold , spot Silver, Spot Oil,Online trading,No Dealing Desk,Currency Converter
This week, the euro/dollar retreated from the 1.3334 level to the 1.3104 level equivalents at 230 points as a result of the proliferation of economic data in favor of US dollar and thus degrading the situations in Europe.
We notice that the prices are traded in a sideway area and as long as the prices are traded below the key resistance level at 1.3211 and may be regarded as a corrective move supporting the downward trend starting at 1.4940 level in May 1st 2011. As it is showed on the Fibonacci weekly chart.
Therefore, it is expected to resume a downward price trend, especially with the form of the head and shoulders and if it succeed to breach down the level of 1.3205 then the next target will be at the 1.3050 level.
Good luck for all
Read more Forex, Futures, Commodities, Spot Gold , spot Silver, Spot Oil,Online trading,No Dealing Desk,Currency Converter