by Thu, 05 Mar 2009 09:37:20 +0100
Deltastock Daily Fx Analysis
March 5, 2009
Current level-1.2609
EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated below the 50- and 200-Day SMA, currently projected at 1.3292 and 1.4721.
Current rebound from 1.2457 is obviously too large to be accepted as a minor corrective phase, so we favor the view, that it will correct the whole slide from 1.2996. The intraday bias is neutral, so expect some range activity between 1.2651 and 1.2547, before a break beyond 1.2662, en route to 1.2753.
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