March 21, 2014 Preferred Position: Short (Sell) Current Price: 1.3778 EURUSD The pair dropped sharply to 1.3809 from 1.3933 on Tuesday, possibly breaking below the lower trend-line support of a short-term ascending channel formation on daily chart. Should the pair now weaken below an immediate support near 1.3800 area, it could possibly continue with its corrective move towards 100-day SMA, currently near 1.3660 - 1.3650 zone, also coinciding with 61.8% Fibonacci Retracement Level of 1.3477 (Feb. lows) to 1.3915 (over two and half year high) up-move. 50% retracement level near 1.3720 - 1.3700 zone could act as an intermediate support. On the upside, 1.3900 now seems to provide immediate resistance for the pair. However, major resistance on the upside continues to remain near 1.3950 region, comprising of 61.8% Fibonacci Extension Level and an ascending trend-line extending from 2012 high through 2013 highs and March 2014 high, which is also forming a part of a possible rising wedge formation on weekly chart. Reference: admiralmarkets.ph/node/9447
Posted on: Fri, 21 Mar 2014 08:28:26 +0000
Trending Topics
Recently Viewed Topics
© 2015