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EUR/USD: recovery continues

Discussion in 'Daily signals by Joaquin' started by joaquinmonfort, Apr 19, 2013.

  1. joaquinmonfort

    joaquinmonfort Forex4You Analyst

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    Eurodollar continues to rise slowly. It climbed above the monthly pivot and is currently meeting resistance at the 50-day MA. There is a possibility the current sideways movement could end and the down-trend resume but I would need a decisive move below the 1.3001 lows for confirmation, with a downside target at 1.2905. Alternatively the pair may continue to claw higher, perhaps to the 61.8% Fibonacci extension at 1.3125 where it might reverse. Ideally I'd like to see a breach of the highs at 1.3198 before getting bullish again, although with the current high volatility upside targeting remains problematic.

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