Euro vs US Dollar Bounces Off Strong Support Confluence
EUR/USD (daily chart) as of January 10, 2013 has made a substantial bullish bounce off key support in the 1.3000 price region. This 1.3000 area is also near an uptrend support line extending back to the July 2012 1.2041 low, which has defined the bullish trend for almost half a year. Additionally, the 100-day moving average resides right around this strong support confluence, as does the 50% Fibonacci retracement of the last major bullish run. With the bounce off 1.3000 support, price is not far under the strong resistance at 1.3300 that the pair has attempted but been unable to breach for the past three weeks. In the event of a breakout above 1.3300, which would confirm a continuation of the entrenched bullish trend, price could move towards further potential resistance to the upside around the key 1.3500 price region.
Euro vs US Dollar Bounces Off Strong Support Confluence
1 vote, 5.00 avg. rating (98% score)
Leave a Reply
‹ Back to Previous Page
From time to time, City Index Limited’s (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.
