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Thursday, May 17, 2012
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Dear Trader,
The euro has pared some losses against the dollar, after minutes from yesterday Federal Open Market Committee meeting showed some policy makers said further easing (QE3) may be needed. Though, the single currency remains under pressure and vulnerable to Greek banks liquidity needs. The European Central Bank stopped providing liquidity to some Greek banks as they are severely undercapitalized.
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Technical Analysis :
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Buy Signals: When the prices touch the support 1, a buy position can be initiated and the resistance 1 will be the first target. A tight stop loss within 20 to 30 pips is highly recommended. The stop levels depend on the trader risk appetite.
Sell Signals:When the prices touch the resistance 1, a sell position can be initiated and the support 1 will be the first target. A stop loss within 20 to 30 pips is highly recommended. The stop levels depend on the trader risk appetite. |
Chart of the Day:
EUR/USD
We notice on the weekly chart of EUR/USD , that the prices are trading within a downward channel then it witnessed some up corrections into a sideway triangle and we notice it has breached down all the support levels, so we expect it should continue its general bearish trend towards the 1.2624 level to form the second bottom , if it breach down this level , the next target would be towards the 1.2609 level.
As for the key resistance level, it lays at 1.2760 and should it breach up this level this would confirm the up corrections towards the 1.2806 level.
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