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EURUSD Bollinger Bands Define Range

By , Sr. Technical Strategist
01 May 2012 22:38 GMT

DailyBars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Bollinger Bands Define Range

Prepared by Jamie Saettele, CMT

Bollinger bands continue to define the EURUSD range. Event risk is high the rest of the week but beware of chasing the first sharp move (such as this morning’s decline). Price is vulnerable at the current level but recent lows at 13155 and 13105 are support and spikes on news into those levels are candidates to fade against 12995. I don’t want to suggest a direction when the market is drifting sideways but the inability of the EURUSD to break 13000 after 3 attempts in the last 2 months hints that the break will be higher.

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01 May 2012 22:38 GMT