Monday, July 19, 2010

EUR/USD reaches new intra-day high


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

S3S2S1R1R2R3
1.28341.28661.28981.29061.29381.2971
[?]Trend Index[?]OB/OS Index
Strongly BearishNeutral
Data updated on Jul 19 at 07:00 (15-minute timeframe)

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