by Thu, 12 Aug 2010 01:25:00 +0200
Forex: EUR/USD approaching to 1.2805 100DMA
FXstreet.com (Buenos Aires) – EUR/USD Current price: 1.2843. Pair lost almost 350 pips this Wednesday, as concerns over another global slowdown triggered by the FED and China, sent investors back to the safety of dollars and yens. Euro was also hit by rumors the ECB had to buy Irish debt papers, reviving concerns over euro zone financial situation.
Technically the pair is extremely oversold both in 1 and 4 hours charts, having approached to the daily SMA now around 1.2805, and next support in line. “Corrective movements should find resistance at the 200 EMA in the 4 hours chart around 1.2885, thus further upside seems also possible towards 1.2930/60 zone,” said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 1.2835 1.2805 1.2780. Resistance levels: 1.2885 1.2930 1.2960.
| Technical Analysis (2010-08-11 23:00 GMT) | |
|---|---|
EUR/USD 1.2847/1.2851 - O: 1.3173 H: 1.3177 L: 1.3166 C: 1.3173 | |
| Trend | R3: 1.2932 |
 | R2: 1.2900 |
| R1: 1.2868 | |
| S1: 1.2793 | |
| S2: 1.2825 | |
| S3: 1.2857 | |
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