Thursday, January 6, 2011

EUR/USD needs to hold above 1.3055

EUR/USD 4 hour chart:
The pair needs to hold above the 1.3055 crucial Support in order to fend off the bearish momentum which would overtake the market once below that level.

Market is currently sitting on a thin Support trendline around 1.31 and the Support cluster area 1.3082-85 and the 1.31 big Figure. The current drop in EUR/USD will be negated only after the pair regains decisively the 1.3270 level.

Below 1.3055 the Bearish scenario focuses on the 1.2966 Low and the consolidation range in the 1.2640-1.2920 area.

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