Reversal Movements

An end of a hectic week, with extreme correctional movements for most currencies, all sliding down to unexpected levels such the Euro plunged to 1.53's levels this week, in addition the Royal currency that fell to 1.95's levels, which is due to the alleged optimism in the markets.

With markets lacking any important fundamentals, falling today to trade in a pure technical movements, with intentions to finish the correctional movements, have enough positive momentums to climb once again against the US dollar to reach their previous levels.

The 15 nation currency continued its correctional movement that it started since the 23rd of the April, with a big chance that it might finish this wave if and only if the Euro closes above 38.2% which happens to fall on the 1.5450's level, yet the next resistance the Euro might be facing is the 1.5460, and if breached it will be heading to 1.5491; thought the technical indicator clearly points out that the Euro might continue climbing to the upside to finish this wave.

The Royal currency continued it's down side movement dropping down to 1.9508 in today's early trading hour, taking that as an advantage to gather up some momentum to climb back again to 1.98's levels, as this might if the pound couldn't breach the major support level at 1.4990; according to the Bollinger band indicator the trading range might fall between 1.9424 and 1.9782.

Finally, the JPY/USD pair might continue sliding down after it breached the major support level at 103.70 and closing below it, as the next support that might face the pair is 103.37; while the trading range falls between 103.36 and 105.56 levels.

Crown Forex

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