The pair gave a strong close 180 pips in yesterday's session. This week, as of now the pair gave 187 pips (open- cmp). The weak US data depressed the dollar and pumped the euro to a 2-week high. The pair has parallel resistance at 1.2901, a September 23 high, above this, 1.2975 (50Dsma) and 1.2995 will act as strong resistance. The pair managed to close above 20Dsma in the daily chart. The pair has support at 1.2715 20Dsma and between 1.2625-1.2606 levels. We can expect panic selling of 100 pips only below 1.2606 towards 1.2500 levels. In case if the pair manages to breach above 1.2901, it can challenge 75 to 95 pips on the upside aiming at 1.2975 and 1.2995 levels.
Support: 1.2790, 1.2715, 1.2625-1.2606.
Resistance: 1.2901, 1.2975, 1.2995.
For an intraday view, the pair opened on a bearish note higher at 1.2837. In yesterday's session the pair closed at 1.2838, but today the pair opened below the previous close. It represents some weakness in the day trading perspective. We recommend buying only above 1.2838 with targets at 1.2864 and 1.29. We can expect a strong rise only above 1.2901. On the downside, the pair has support at 1.2757, below this, 1.2735 12ema levels. In case if the pair breaks below 1.2695, we can see some selling pressure added to this pair, which adds pressure to fall to 1.2625 levels. In the h4 chart, we can see the bullish flag, height of the pole is 291 pips.
Trade- Buying above 1.2838, strong up move above 1.2901
Selling below 1.2690, panic below 1.2625
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for October 16, 2014 . Thanks for your support.
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