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EUR/USD Intraday Technical Analysis

2012-09-28 11:31:16 (читать в оригинале)

 

The spot rate approaches the upper limit of its medium-term bearish channel at 1.2950 suggesting a decline. However, a break of these levels will free a large potential and initiate a violent bullish channel.

Technical indicators do not provide clear signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility. Furthermore, the superior band strengthens the upper limit of its channel supporting the hypothesis of a violent movement in case of failure.

The spot rate is currently testing the upper limit of its channel, we suggest 2 scenarios: the first one is the hypothesis of a decline where we recommend a sell at the level of 1.2950 with the 1st objective at 1.2890 and then at 1.2870. A breakthrough of 1.2970 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means buying the spot rate as soon as it is broken through its resistance of 1.2950 with the 1st objective at 1.3010 and then at 1.3030. A breakthrough of 1.2930 will invalidate this scenario.

The material has been provided by Instaforex Company - instaforex.com