EUR/USD Intraday Technical Analysis 2012-07-09
The spot rate is currently testing the lower limit of its medium term bearish channel at 1.2250 and seems to initiate a rebound. However, a break through these levels will release good potential and initiate a more violent bearish trend.
Technical indicators provide buy-signals and evolve in oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 1.2250 with the 1st objective at 1.2310 and then at 1.2330. A break through 1.2230 will alter this scenario.
Performed by Albert Fitoussi, Analytical expert
The spot rate is currently testing the lower limit of its medium term bearish channel at 1.2250 and seems to initiate a rebound. However, a break through these levels will release good potential and initiate a more violent bearish trend.
Technical indicators provide buy-signals and evolve in oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 1.2250 with the 1st objective at 1.2310 and then at 1.2330. A break through 1.2230 will alter this scenario.
Performed by Albert Fitoussi, Analytical expert