Tuesday, September 8, 2009

EUR/USD: Euro approaches resistance at 1.3270 ahead of the US session opening

The Euro has strengthen ahead of the Wall Street opening bell and launches another assault to 1.3270 resistance level,after having bounced at support at 1.3200; 1.3270 remains, so far intact, and the Euro, trading around 1.3060 is well overbought in hourly charts .In case of a sustained move above 1.3270,next resistance level could stand at 1.3295 (Apr 15 hifh) and 1.3340 (Apr 9 high). On the downside, support levels stand at 1.3200 and below there, 1.3160 (Apr 23 high) and today’s low at 1.3115.The Mataf.com technical team observes bullish pressure on the Euro: “The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on EUR USD. The price should find a resistance below 1,3270 (31 pips). The price should consolidate

0 comments: