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EUR/USD Against The Wall Of Double Support

February 26, 2013 9:17 am GMT+0  in Chart Alert

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In our last weekly analysis of EUR/USD we had mentioned the following:

“On the down side if there is a decisive break below 1.3060 then very strong support near 1.3000/1.3020 is expected. This zone will have combined supports of the psychological level of 1.3000, 200-day moving average and the support zone during the sideways move during December 2012.”

The same can also be seen at this  previous EUR/USD chart alert.

Well, the currency pair found support at the mentioned joint support of 200-day moving average and the mentioned support level of December 2012.

If this support holds the some extended sideways movement or even the end of the recent downward consolidation is expected. On the other side if there is a decisive break of this support then some quite deeper moves could be expected.

EUR/USD and the joint supports – Daily Chart

EUR/USD daily chart - support at 200 day moving average

 

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