by Thu, 16 Sep 2010 10:34:00 +0200
Forex: EUR/USD: Further correction likely - FXMarketAlerts
FXstreet.com (Barcelona) - Euro rally from 1.2645 was halted on Tuesday sat 1.3035 area, and the pair has remained consolidating both sides of 1.3000 since, with prices suggesting further downtrend correction, according to the FXMarketAlerts Team.
Break below support level at 1.2953 would trigger a decline to 1.2910/20 area, says the FXMarketAlerts Team: "The marginal new high late yesterday has been rejected for now and prices look set for more corrective action over the course of the day. A test of Wed's low at 1.2953 should follow. The lower sup. extends to the recent tops at 1.2910/20."
On the upside, above 1.3036, the FXMarketAlerts Team points out to 1.3070 target: " Above Wed's high at 1.3036 next target is at 1.3070."
| Technical Analysis (2010-09-16 08:15 GMT) | |
|---|---|
EUR/USD 1.3021/1.3024 - O: 1.2731 H: 1.2733 L: 1.271 C: 1.2727 | |
| Trend | R3: 1.3052 |
 | R2: 1.3020 |
| R1: 1.2988 | |
| S1: 1.2911 | |
| S2: 1.2943 | |
| S3: 1.2976 | |
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