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EUR/USD Intraday Technical Analysis

2012-10-16 11:21:40 (читать в оригинале)

 

 

The spot rate is currently testing the upper limit of its medium-term bearish channel at 1.2980 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 stabilized showing a more regular volatility.

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 1.2980 with the 1st objective at 1.2920 and then at 1.2900. A breakthrough of 1.3000 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 1.2980 with the 1st objective at 1.3040 and then at 1.3060. A breakthrough of 1.2960 will invalidate this scenario.

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