Free Technical Analysis by zebrafx

zebrafx Representative
Euro, where are you going to go?? » zebrafx

The technical picture for the euro currency portends “sales”.

For example, moving averages with parameters 20 and 34, hasn’t formed a reverse “buy” signal. Stochastic Oscillator has generated a sell signal by intersection of % K and %D. Also these lines are gone from the “overbought zone”. Additionally, we would like to note that the support line of euro correction was broken down last Friday, which is a signal to sell. However, do not rule out that this line can be tested from the bottom. In this situation we recommend to open short positions taking into account the technical support and resistance levels.

Detailing: important resistance level is 1,3625. Open short positions until the pair is below this level with a target to the level 1,3535. If the currency pair EUR/USD will grow above 1,3625 open long positions targeting 1,3675.

Trading range may be limited with levels 1,7090 – 1,7180. It’s recommended to consider these support and resistance levels for trading on the “retreat from the level” strategy.

Stochastic Oscillator formed divergence. Preferred to open short positions. Focus on the level 0,9325. In case of breaking down the level of 0,9325 open sales targeting 0,9255. Important resistance level is at 0,9425.

To open further sales wait for breakdown below 0,8720. Further targets are located at levels 0,8700 – 0,8680.

Currency pair traditionally strayed from the support level 101,30. We expect growth to the resistance level 102,60. After the breakdown of this resistance level upwards it’s recommend opening additional purchases. For this pair long positions are preferable.