Forex Special - The Hegemonic currency had a meritorious recovery from daily lows at 1.2870 after all bears were faked. On Monday, the pair had lowered more than 50 pips its value, off a 2-month high at 1.3007 touched last Friday, yet a strong rebounds erased early Euro losses.
After an opening at 1.2905 (20 pips downgap), the Greenback stretched below 1.2885 (intra-day support) to reach as far as 1.2870 (intra-day low). However, bulls came to the rescue and lifted the pair back up to 1.2935 (current price), a 0.08% hihger than previous close.
According to Ian G Coleman, Independent Analyst at FXstreet.com: “We are overbought on all timeframes. We do not have confirmation of a trend change as yet. A move through 12867 would be the first indication of a move lower but even then I would only expect a move down to 12700 where we have solid support. We could be forming a small Head and Shoulders formation here that would also give a bias to the downside”.
EUR/USD (Jul 19 at 07:32 GMT)
1.2933/37 (0.22%)
H 1.2948 L 1.287
1.2933/37 (0.22%)
H 1.2948 L 1.287
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.2834 | 1.2866 | 1.2898 | 1.2906 | 1.2938 | 1.2971 |
| [?]Trend Index | [?]OB/OS Index |
| Strongly Bearish | Neutral |
| Data updated on Jul 19 at 07:00 (15-minute timeframe) | |
