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Forex4you Technical Analysis 18 Dec 2012

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Forex4you Technical Analysis 18 Dec 2012

Postby albie » Tue Dec 18, 2012 10:45 am

EUR/USD: Technical Analysis

Eurodollar continues to consolidate in a pennant or triangle formation. It will probably eventually break higher, with a decisive move above the 1.3187 highs acting as confirmation, or possibly even 1.3195 for added safety. Then it should reach 1.3255 where the monthly and weekly pivots coincide. Obstacles below the pattern may impede downside, first at 1.3119 and then the consolidation zone between 1.3080 and 1.3110.


Analysis by: Joaquin Monfort
Forex4you analyst

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Re: Forex4you Technical Analysis 18 Dec 2012

Postby ezekiel chew » Wed Dec 19, 2012 9:13 am

Currently the MACD is BULLISH. The MACD is trading above the signal line.
The MACD crossed above the signal line 19 period(s) ago. Since the MACD crossed the MACD moving average, Euro Dollar / US Dollar's price has increased 2.89%, and has been fluctuating from a high of 1.323 to a low of 1.274.
The MACD is currently not in an Overbought/Oversold range.
Euro Dollar / US Dollar closed above the upper Bollinger Band by 5.3%. Although prices have broken the upper Bollinger Band and an upside breakout is possible, the most likely scenario is for the current trading range that Euro Dollar / US Dollar is in to continue. Making the picture somewhat unclear is the fact that Bollinger Bands are 15.66% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.
Overall, the bias in prices is: Upwards.
Short term: Prices are stalling.
Intermediate term: Prices are ranging.
By the way, prices are vulnerable to a correction towards 1.29.
The projected upper bound is: 1.34.
The projected lower bound is: 1.31.
The projected closing price is: 1.32.
Note: these price projections are for reference only, and can be easily exceeded by the market.
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