Tue, 29 May 2012 00:00:00 +0200
Euro Reverses Gains During Light Trading Day
After a Greek poll over the weekend indicated that pro-austerity political parties are gaining popularity ahead of next month's elections, the euro turned bullish against several of its main currency rivals to start off the week. That being said, the common-currency was not able to hold on to its gains, and by mid-day trading was once again falling against the USD, JPY and GBP. Today, in addition to any announcements out of the euro-zone, traders will also want to pay attention to the US CB Consumer Confidence figure. Analysts are predicting a slight increase over last month's figure, which if true, could help the dollar in afternoon trading.
A bullish cross on the weekly chart's Slow Stochastic indicates that this pair could see upward movement in the coming days. This theory is supported by the Williams Percent Range on the same chart, which has crossed into oversold territory. Going long may be the preferred strategy for this pair.
Technical indicators on the daily chart, including the Relative Strength Index and the Slow Stochastic, indicate that this pair could see an upward correction in the near future. In addition, the weekly chart's Williams Percent Range has crossed into oversold territory. Opening long positions may be the wise choice for this pair.
While the Williams Percent Range on the weekly chart is in oversold territory, most other long term technical indicators show this pair range trading. Traders may want to take a wait and see approach, as a clearer picture is likely to present itself in the near future.
The weekly chart's MACD/OsMA has formed a bearish cross, indicating that downward movement could occur in the coming days. This theory is supported by the Williams Percent Range on the same chart, which has crossed into overbought territory. Going short may be the wise choice for this pair.
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading. ForexYard
Actualité du forex
- Forex Trade 13 May, Advance Retail Sales
- Forex Trade 10 May, New Yuan Loans, Net Change In Employment, Unemployment Rate
- Forex Trade 09 May, Consumer Price Index, Unemployment Rate, Employment Change, Ecb Publishes Monthly Report
- Forex Trade 08 May, Unemployment Rate
- Forex Trade 07 May, Reserve Bank Of Australia Rate Decision
- Eur/usd: Les Gains DHier Ont Été Annulé Cette Nuit
- DAX : Divergence baissière à confirmer sous 8370, soyez prudents
- EURJPY : Opportunité potentielle d’achat
- Eur/usd : Journée De Nouveau Chargée Du Côté Du Calendrier Économique
- Eur/usd : La Journée Démarre Mal Pour LEuro