Technical analysis of forex market March 26, 2012
by admin ·
The week begins with a bang, as Mrs. Merkel is poised to accept a higher background European relief and in addition we expect the German IFO at 10am. All this should stimulate the Eurodollar and we avoid consolidation. Our advice in the morning, 3280/70 will be our strength up. The vendors are like last week between 3280 and 90 with stoploss above 1.33. The objective of the sellers will return on 3220 and 3180 in the first place.
The MACD is bearish 30 minutes this morning. But for now and beyond 3220/40, it is only consolidation. Also, buyers use the opportunity to come and put the purchase. But the best is to wait for a return in 3230. The stoploss will be on 3205 and 3190 for a return on high points.
Beware, however in 4h has a possible double top in 3280 and remain well above 1.32. A passage from this point and especially in 3170 would be bearish for the rest of the week. Finally, 3250 will remain as the resistance / intermediate support with purchases above and below sale.
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