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EUR/USD Intraday Technical Analysis

2012-10-19 13:27:52 (читать в оригинале)

 

The spot rate approaches the upper limit of its medium-term bearish channel at 1.3090 suggesting a decline. However, a break of these levels initiates a violent bullish channel.

Technical indicators provide buy signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in the short term.
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 1.3090 with the 1st objective at 1.3030 and then at 1.3010. A breakthrough of 1.3110 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 1.3090 with the 1st objective at 1.3140 and then at 1.3160. A breakthrough of 1.3070 will invalidate this scenario.

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