Forex Technical Analysis For: EUR/USD

 

Forex Technical Analysis For: EUR/USD

Euro

EUR declined sharply Wednesday and weakened further Thursday trading .

This leaves the pair targeting its Key support at 1.1128.

1st support lies at 1.1200, a break there points at 1.1150, a break there sees 1.1100, next target at 1.1050.

The daily RSI is Bearish and points lower supporting this view.

1st  resistance is at 1.1300, a break there points North to 1.1350, then to 1.1400, and 1.1450.

Overall the single currency is biased to the Southside on more weakness.

After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method,technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.

Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader

Have a terrific week.

HeffX-LTN

Paul Ebeling

 

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