Correction
continues for EUR/USD. After the slight drop last week, the pair formed a doji
candlestick on the daily filter chart and began climbing again. Frankly, I was
not entirely sure at the time whether that doji candlestick was a good enough signal that such a climb was about to begin, but I was wrong. It has formed a nice channel
visible in the four hour filter chart and appears to be headed for target
1.2830 again, where, as we know, there is a significant resistance level. It
will likely start testing that resistance again, but it is anyone’s guess
whether it will be able to break above it.
I agree with your analysis
ReplyDeleteThanks for the review, I'll keep an eye on developments.
ReplyDeleteThe pair is trying to go higher.
ReplyDeleteThis meant upside for the EUR, and the pair spiked from 1.2708 to 1.2760, eventually printing a high at 1.2765. The pair came off these high somewhat as the session moved closer to the close on little fundamental, almost retracing its initial strength, yet EURUSD stabilized around the 1.2730 level.
ReplyDeleteLooking ahead to the seminal FOMC rate decision today where all analysts are expecting the FOMC to taper and finish QE3.
Very nice information, thank you very much.
ReplyDeleteStill correction movement.
ReplyDelete