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EUR/USD Intraday Technical Analysis

2012-10-04 12:11:17 (читать в оригинале)

 

 

The spot rate is currently testing the upper limit of its medium-term bearish channel at 1.2950 suggesting a decline. However, a break of these levels will initiate a 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 greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement. 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 on 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 to buy 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