EUR/USD Testing Key Trendline Support

EUR/USD Testing Key Trendline Support

From fxtimes.com

At support: The EUR/USD market has been bearish the last couple of weeks since finding resistance near 1.3140. As we begin the 10/26 US session, it is cracking the 1.29 handle, and testing a key trendline support. If the market holds above 1.2875, it respects the trendline. However, a break below 1.2850 is likely a clear break of the trendline, which first opens up the 1.28 handle but would also be a major bearish signal. Range and 1.30 handle: The break of the trendline is not as significant now because of the fact that simply a sideways market can now break it. The sideways market I am talking about is held between ... (full story)

Comments / Top
Subscribe

Oct 28, 2012 2:46pm

Quoting Sjblueray

Disliked

eurousd will go down again back to July low 1.2041. The next target below 1.2740 is 1.2606, 50% retracfement.

Ignored

Do you really think so?...... retracement at 23.6% on daily chart push back the price twice already and now retracing third time. Besides as per elliott wave analysis 5 wave is yet to fly....and if you focus on candle stick pattern, it also indicates a push to north. Also it touches weekly support channel....All these indicates the price action is going to move north. Moreover, 3 weeks back a bullish engulf was also formed, which is still valid as price couldn't able to touch it's lower price.

And if you focus on fundamental factors, US related data will not bring any positive news in coming days. And if you believe in 'Buy on hopes, Sell on Truth', then you figure out the recent US market uprising on the hopes of US election, which turn on the truth and for selling pressure after the election

whereas the Eur is running still on hopes.

by the way, all these are my observation and prediction. Definitely I could be wrong. Wish you happy and successful trading in coming days...