EUR/USD Technical Analysis

COMMENTS

Euro is currently pressing against the rising channel trendline with the 4-hourly stochastic being overbought. This may bring retracement upto 1.3750-1.38 levels. On the other hand, the daily stochastic is overbought with no clear selling indication. Decisive break of the trendline resistance (1.3955) can pave way for the next resistance at 1.4177 (50% Retracement of the fall from 1.6038 to 1.3502). Caution is required on initiating short positions before 1.4170 resistance is tested. Go long at deeper corrections.

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DISCLAIMER

These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.