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EUR/USD Technical Update 1/1/12
Last week gave the anticipated lower trading range associated with holiday periods and 59% of the AWR over 26 weeks at 225 pips. The key move came on Thursday with a break of structure to the downside and subsequent hammer candle close. Friday did not provide any meaningful follow through and actually closed lower on the day. The hammer candle could still potentially see further upside movement as the markets return this coming week but it would take a sustained break of the 1.3198 lower high, at minimum, before we would look for any corrective move. The lower high coincides with the 23.6% Fibonacci retrace of the ... (full story)
