Euro rebounds from weekly R1

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 41% 42% -2.44%
Shorts 59% 58% 1.69%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Sell Sell
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

An announcement of the European Minimum Bid Rate together with subsequent speech delivered by the ECB President Mario Draghi caused a lot of anxiety yesterday. After an 88-pip appreciation of the Euro, the currency pair expectedly continued to climb upstairs, although at a slower pace. Contrary to certain analysts' expectations, it made a rebound already from the first resistance line set up by the weekly R1 at 130.42. Friday's morning clearly showed an intention to regain the lost ground. Nevertheless, this attempt most likely is going to fail, as the southern side is strongly protected by a combination of the 55-, 100- and 200-hour SMAs plus the weekly PP at 129.46. In addition, traders should take into account that the pair has entered in a new weekly ascending channel.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.