EUR/USD: Pausing After a Sharp Rise

By: MIG Bank | Tue, Sep 18, 2012
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EUR/USD has moved sideways after breaking the strong resistance at 1.3004. The current mild correction suggests a continued weak selling pressure. Short-term support is at 1.3022. The next strong horizontal resistance is at 1.3284 (see also down trendline).

The lack of base formation or sell-off suggests that the current strength in EUR is a rebound within an underlying downtrend. Given the resistances area between 1.3150 and 1.3491 (38.2% and 50% retracements of the decline from May 2011 to July 2012), we are waiting for signs of weakness to initiate a short EUR position.

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MIG Bank

Author: MIG Bank

MIG Bank

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