Forex Technical Chart Update – EURUSD WC 22nd October
October 21, 2012 1:13 am in Forex Analysis
EURUSD Technical Update - WC 22nd October
Our EURUSD analysis update last week highlighted a bullish engulfing candle, coming off the 200 period daily SMA at 1.2820.
The EURUSD has subsequently moved over 180 pips higher after breaking above the candle high and then through the 1.30 handle. The upside move ran through until Thursday which had the key currency pair lose momentum and form an inside day. The inside day has now broken lower and hit interim ascending trend line support on Friday.
We will be monitoring the price action around 1.3000 in the near term to gain a directional bias on the EURUSD.