empty
 
 
07.08.2012 09:40 AM
EUR/USD Intraday Technical Analysis

This image is no longer relevant
 

 

After a 3-day strong acceleration of the spot rate, testing the upper limit of its medium term bullish channel at 1.2450 the price seems to initiate a decline. A return to the intermediate support of this one is possible but a break through these levels will release good potential and initiate a more violent bullish trend.
Technical indicators do not provide clear signals but are approaching overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term. Moreover the superior band strengthens the upper limit of its channel.
There are two ways to intervene: the first one is to try a ”buy stop” and buy as soon as the spot rate has broken through its resistance of 1.2450 with the 1st objective at 1.2510. The second one is to try a sell position at the upper limit of its resistance at 1.2450 with the first objective at 1.2390.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback