Thursday, October 31, 2013

EUR/USD falling to pieces?

FXCC Forex Trading (Chicago) 

EUR/USD extends the bearish trendline 
from yesterday to now accumulate 
over 170 pips lost throughout the week.

Go now ---> FXCC

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According to the analyst, Valeria Bednarik, 
“after non-dovish FED, a batch on negative European 
data finally took its’ toll on the EUR/USD sending 
the pair down to a daily low of 1.3583, where it stands. 

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The strong drop in EU inflation was probably 
the main cause of this slide ahead on next week 
ECB meeting and the possibility of a more 
accommodative ECB stance then. 


The hourly chart shows no technical signs 
the pair is willing to correct higher, 
as indicators hold in oversold readings 
and price below 1.3600. 

In the 4 hours chart the bearish momentum also prevails, 
with a break below mentioned low, 
exposing 1.3540 in the short term.”

Go now ---> FXCC


EUR/USD Technical Levels

Price action reveals the continuation of a steep fall 
after retracement from the 1.3820 zone. 

Offered at 1.3566, the pair bounces off 1.3560 lows 
and navigates between the supports 


aligned at 1.3548 (October 23rd highs), 
1.3478 (October 15th lows) ahead of 1.34 (October 9th highs) 

and the resistances set at 1.36 (October 13th highs), 
1.3649 (October 21st lows) followed by 1.37 (October 17th highs).

Go now ---> FXCC


FXCC Forex Trading