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Morning technical analysis – 28 February 2014
The euro has looked a little more bullish over the last 24 hours, following the sell-off that saw it break below the ascending triangle on Wednesday. The only question now is whether the move in the last 24 hours is a correction of Wednesday’s move, or whether the initial sell-off just represented a bigger correction of the longer term uptrend. There is a clear argument for the former, with the pair having found resistance from a combination of the 20-period SMA and 50-period SMA on the 4-hour chart, and the 61.8 fib level, this week’s highs to lows. That said, as it stands it’s looking like the latter, ... (full story)