EUR/USD Broke the Initial Supports (Updated December 9th, 2012)
December 7, 2012 10:53 am GMT+0 in Chart Alert
The combined supports of 38.2% retracement and 22-day EMA were broken and that makes the outlook little bearish. We have next support also with 2 forces joining hands. The short term trend line and 55-day EMA. These supports are slightly above 1.2900. If there is a break below 1.2900 then there would be a question about the possible “I did it and am going back home” thing.
Daily Chart of EUR/USD:
Update to the above contents of December 7th:
EUR/USD Even tried to break below the next level supports of 55-day EMA and the short term trend line. The break took place but the price did not sustain below those levels and closed above those levels for the week. The Green line in the following chart is 200-day moving average and the red one is 55-day EMA.