HighSky (HighSky)
Currencies  |  March 01, 2013 10:47:00

EURUSD and equities short-term outlook


Following our last comment , which we rightly call ahead of many euro cuts its losses, so we can just say after a week, the currency pair that you really found a short-term peak in the indicated resistance from them and turned quickly back down to continue deepening their trend channel.

eurusd, daily comment

In the last week we have for the first time after long months of spills in the retail market segment more traders to the side long. Even from this point of view we therefore continue to prefer the continuation of the downward trend, which is now most likely to find ourselves in a longer third stage, in which the euro would lose the most and the fastest.Everything should thus be linked with the continuing decline in the equity markets. Confirmations of this preferred scenario we saw in the exit channel suggested by the trend in new vertices with indices, Dow Jones and S & P500.
Just broader U.S. S & P500 index after the last comments mentioned in the chart indicated fillet formation bullish engulfment associated with divergence between the oscillator and the price really sank rapidly down to the end of their previous long-term resistance, which now acted as a support, and when relaxed we now was indicated by less resistant line.

eurusd, daily comment

In case of breaking the shorter line, we can probably also expect the Dow Jones to new historical highs. Conversely, if no such developments demonstrate the power and get back under the long line, opens the way to being a preferred scenario to close the 200-MA, if at the same time closing the price gap at the beginning of this year. The first technical objective would lay b. 1413

Josef Kvarda, HighSky Brokers, Inc.

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