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Morning technical analysis – 6 March 2014
The euro is continuing to look a little weak against the dollar, although we haven’t yet had confirmation that the trend has turned more bearish. The pair found support yesterday from a number of indicators, the middle bollinger on the daily chart, the 100-period SMA on the 4-hour chart, the 61.8 fib level, the move from 27 February lows to 28 February highs, and the 61.8 fib expansion, of the move from 28 February highs to 4 March lows. Clearly this is a very key level and a break of this would be the initial bearish confirmation that we need. With the pair having found initial support from the 61.8 Fibonacci ... (full story)