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  • EUR/USD – Rallies Off Long Term Support Level at 1.28

    From oanda.com

    The Euro has finally show some resilience and has been able to rally a little higher off the long term support level at 1.28, although it has run into some short term resistance around 1.2880. Despite this small rally, the Euro still continues to show very few signs of wanting to regain any lost ground as it makes its way towards the key long term support level of 1.28. After reaching a four month high above 1.34 a few weeks ago, the EUR/USD is in the midst of a very solid medium term down trend which has seen it fall sharply and move to within reach of 1.28 for the first time in six weeks. Its decline was slowed a ... (full story)

The EURUSD was massively 'shorted' to 1.28.

Retraces 100%.

Rally up or down ? Let's wait for a signal.

On a weekly basis, a big big converging triangle is forming (2010/2011/2012). Will the market finally choose one direction next year ?
The only other marquee event left for this pair this week is the US jobless claims, PPI and UMich consumer sentiment. Plus we have Bernanke speaking mid-week. Barring any surprise statements from Bernanke post-speech, I'm still not expecting any approach to 1.30 by then, tho' I'd be pleased if it did because it just means I'd have a better level to short! LOL
With all the major news out of the way last week...there's nothing to keep the USD rally continuing. I'm sure retail traders are pretty heavily long USD, so it's only natural for the market to put the squezze on them and have a correction from overbought conditions. All part of the normal flow of the market.
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Oanda, Fxcm and Alpari all show retail traders long Euro.
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  • Posted: Jul 8, 2013 11:09pm
  • Submitted by:
     Newsstand
    Category: Technical Analysis
    Comments: 4  /  Views: 2,172