Weekly Forex Signals
Down trend on long term looks certain for Euro.
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LONG SIGNAL |
SHORT SIGNAL |
| EUR/USD |
- Buy a break of resistance level at 1.2715
- Buy a break of resistance level at 1.2820
- Buy a bounce at 1.2620
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- Sell a break of support level at 1.2620
- Sell a break of support level at 1.2570
- Sell a failure of breaking the resistance 1.2715
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Fundamental
Manufacturing in the U.S. probably contracted in November at the fastest pace in 26 years as consumers and companies worldwide cut spending, economists said before reports today. The Institute for Supply Management’s factory index dropped to 37 last month, the lowest level since 1982, from 38.9 in October, according to the median estimate in a Bloomberg News survey. A reading of 50 is the dividing line between expansion and contraction. The financial crisis has spiraled into a global economic downturn that’s hurt sales here and abroad, forcing manufacturers to pare production as orders plunge. Economists increasingly are projecting that the U.S. recession will be one of the most severe in the postwar era.
Technical
Technical analysis show us the euro may continue its downtrend as MACD giving us a selling signal by crossing MACD line to the signal line and RSI breaks 70% line downwards. Bollinger gives us a bearish signal by closing the candle below the lower band.
Trends
Primary Tendency (Daily Chart): The primary tendency is coming back into the standard error channel.
Secondary Tendency (Four Hour Chart): The pair breaks Gann fan first level.
Minor Tendency (Hourly Chart): The Minor trend fall below the Fibonacci fan.
Resistance
1.2820
1.2715
Support
1.2620
1.2570
Technical Indicators
Crossing of two moving averages and closing price of the candle is below the short term moving averages.
Histogram MACD gives us a bearish signal.
RSI (Relative Strength Index) fails to break 70% level.
Bollinger gives us a bearish signal after closing the candle below 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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