Weekly Forex Signals
Greenback inactivity helps Euro rise in style
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LONG SIGNAL |
SHORT SIGNAL |
| EUR/USD |
- Buy a break of resistance level at 1.3710
- Buy a break of resistance level at 1.3790
- Buy a bounce at 1.3625
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- Sell a break of support level at 1.3625
- Sell a break of support level at 1.3530
- Sell a failure of breaking the resistance 1.3710
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Fundamental
The euro rose against the yen and the dollar for a second day as expectations increased Greece will get assistance, boosting demand for higher-yielding assets. Europe’s currency strengthened against 11 of its 16 major counterparts after French President Nicolas Sarkozy said the euro region is ready to rescue Greece and before Greek Prime Minister George Papandreou meets U.S. President Barack Obama in Washington tomorrow.
Technical
Technical analysis gives us a bullish momentum in the market and the euro may start an uptrend after a break of standard error channel upper line. MACD crosses the signal line upwards; RSI is in a clear uptrend and Bollinger Band gives us a bullish signal.
Trends
Primary Tendency (Daily Chart): The primary tendency is still in a downtrend.
Secondary Tendency (Four Hour Chart): The pair breaks standard error channel upper line.
Minor Tendency (Hourly Chart): The Minor trend is in an uptrend.
Resistance
1.3710
1.3790
Support
1.3625
1.3530
Technical Indicators
Crossing of two moving averages and closing price of the candle is above the short term moving averages.
MACD crosses the signal line upwards.
RSI (Relative Strength Index) is in a clear uptrend.
Bollinger Band gives us a bullish signal after a closing of the candle is above the middle band.
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Disclaimer: FINOTEC Trading's Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.
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