HighSky (HighSky)
Currencies  |  September 20, 2012 11:17:39

EURUSD we have the reversal of the trend, or just a corrective phase ..?

Following our last comment on the development of the main currency pair EURUSD, we can say that the easy profits of traders short sell came when the display type of the double bottom in the dollar index, close to the border 261.8 Fibo, or RSI over a two-year maximum has acted in a corrective phase this development. RSI helped us today receives first drop below 70, which indicates the end of a book growth trend.

eurusd, daily comment

However, especially with the dollar index is to know where is the last major impulse wave, which clearly deserves a corrective phase. Whether, however, talk about the trend reversal in the long term, we expect at the moment too soon.Rather, we are inclined to the scenario that after the current correction is shorter, comes one more finishing phase. This could best generate shorter double bottom. Next days will show ...

eurusd, daily comment

Josef Kvarda, Analyst

HighSky Brokers

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