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Hi Traders, My Point of ViewAll this consolidation can propel the Euro higher against US Dollar, with prices now poised to make a move above the 1.12 figure. Near-term resistance is at 1.1263, the 38.2% Fibonacci retracement, and a break above could expose the 50% level at 1.1513. Alternatively, a reversal below 1.0955 (trend line resistance-turned-support, 23.6% retracement) clears the way for a test of the 1.0456-541 area (March 16 low, the 23.6% Fib expansion).My long-term outlook= Euro w…
RicheRich's Blog
EUR=USD Analysis
Hi Traders,Here are the levels I am watching to trade. EURO Rally stalled at 1.10 with this in mind and a broad based weakness in Euro.The Euro rallied against the US Dollar is corrective . candlestick pattern. A daily close above the intersection of a falling trend line and the 23.6% Fibonacci retracement at 1.0955 exposes the 38.2% level at 1.1263. Alternatively, a move below the 1.0456-541 area (March 16 low, the 23.6% Fib expansion) clears the way for a test of the 38.2% threshold at 1.0233.…