bio2
Article
Previous Articles
Print
- Friday, 16 October 2009 20:19:30 GMT FX Technical Weekly
- Friday, 16 October 2009 15:38:06 GMT Australian & New Zealand Dollar Outside Days Warn of Reversals
- Friday, 16 October 2009 09:48:52 GMT Euro Finding Offers Ahead of 1.5000; Kiwi Sell Recommendation Issued (Morning Slices)
- Thursday, 15 October 2009 14:32:51 GMT British Pound Surges into Fibonacci Resistance
- Thursday, 15 October 2009 05:24:16 GMT Sterling Finally Plays Catch-Up (Morning Slices)
- Thursday, 15 October 2009 07:56:53 GMT EUR/USD Sell Recommendation Issued @1.5035 (Daily Classical)
- Wednesday, 14 October 2009 14:56:16 GMT US Dollar Slips Lower; Euro Resistance Line at 1.5000 Today
- Wednesday, 14 October 2009 06:46:55 GMT Euro Surge Exposes Psychological Barrier (Daily Classical)
- Tuesday, 13 October 2009 18:19:16 GMT New Zealand Dollar Shows Reversal Characteristics
- Tuesday, 13 October 2009 07:47:43 GMT Euro Double Top Prospects Intact (Daily Classical)
- Monday, 12 October 2009 14:39:22 GMT Canadian Dollar Reaches Measured Objective Above 1.0300
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Friday, 09 October 2009 21:51:30 GMT FX Technical Weekly
- Friday, 09 October 2009 08:17:49 GMT British Pound Consolidates, Euro Hints Double Top Against US Dollar
- Thursday, 08 October 2009 14:42:21 GMT Dollar Fear Escalates as Prospect of a Panic Decline Emerge
- Thursday, 08 October 2009 06:28:39 GMT Prospects Fade for USD Bulls (Daily Classical)
- Wednesday, 07 October 2009 14:32:02 GMT Dollar Fights Back-AUD and NZD Reach Early 2008 Prices
- Wednesday, 07 October 2009 06:41:58 GMT Euro Stops Narrowly Averted (Daily Classical)
- Tuesday, 06 October 2009 18:26:25 GMT EUR/GBP Failure at Resistance Provides Scalping Opportunity
The EURUSD pared gains last week and fell 250+ pips on Friday to hold near the 1.2700 level, and the technical outlook continues to favor a bearish outlook for the euro-dollar over the near-term.
Currency Pair: EUR/USD
Chart: 60 Min Charts
Short-Term Bias: Bearish
Analysis Update
During the overnight session, the EURUSD dipped to a low of 1.2620, but the gap from the 120 SMA suggests that a retracement is in the works. Despite the technical outlook for a bounce to the upside, I anticipate the euro-dollar to move lower over the remainder of the week as investors continue to curb their appetite for risk. We may see the pair work its way towards last week’s low of 1.2562 over the next few days, and a break below this level could drag the pair down towards the 10/28 low of 1.2329 over the near-term. Meanwhile, the fundamental event risks scheduled for the next 24 hours may call for a change in our outlook.
Analysis
The EURUSD pared gains last week and fell 250+ pips on Friday to hold near the 1.2700 level, and the technical outlook continues to favor a bearish outlook for the euro-dollar over the near-term. After dipping to a low of 1.2329 on 10/28, the pair strengthened to reach a high of 1.3300 on 10/30, but the lack of momentum to push higher indicates that investors remain bearish against the pair. However, the divergence from the 120 SMA suggests that the pair may retrace its sharp move to the downside, and we may see the pair work its way back towards 1.2810-20 (50.0% Fib retracement level) over the next day or so. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
Related Articles:
Forex Trading Weekly Forecast - November 28, 2008
Resources
