HighSky (HighSky)
Currencies  |  March 15, 2013 12:22:00

Euro reversed trend? Where to ...

Following our last Friday's comment , who spoke about a possible correction to the 38.2% Fibo in conjunction with the upper limit of the trend channel, we can say that this is exactly what happened. The main currency pair EURUSD us and after previous encouraging comments from the ECB fell into another downward wave, but which we now see as the fifth expected and therefore possibly terminating the current, month and a half-long downward trend.

I outlined divergence oscillator and prices, backed by maintaining equilibrium 200 day average, and vice versa first puncture resistant upper trend channel line, look from a technical point of view as the definitive end of the medium-term downward trend.This scenario therefore also preferred, according to the first image is found in EURUSD ended pětivlnový downward, which could now be corrected higher than today's levels in the week / weeks to come.

However, it limits any testing indicated 23.6% Fibo, which lies at 1.31, could be difficult for the euro, from the perspective of the importance of this objective in recent years. Even deeper turn for the 38.2% threshold would then be close to 100 daily average of equilibrium, which is not meta unimaginable. Confirmations of these possible and preferred target boundaries lies in the continuation of the declining trend and return to today proraženého trend channel boundary with the key support at 1291.

J. Kvarda analyst HighSky Brokers, Inc.

(Forex and commodities - www.highsky.cz)

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