Technical forecast for EUR/USD

eur

EURUSD is just drifting sideways this week. We became very oversold after 4 weeks of heavy losses & this consolidation period will allow the oversold oscillators to unwind. We tried a break below 1.2965/55 which was not a surprise in this down trend, but we have held on to 1.2911& bounced. Below here finds support at 1.2890/80 but if this fails we should test the 200 day MA at 1.2865. We will be watching for a bounce in this area today.

We are sitting above 1.3008 giving us the opportunity to test 1.3067 resistance & possibly reach as far as 1.3100/3115 but this area should cap a move higher today.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More