AvaTrade - Analytics

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Euro sell off fading quickly

The EUR/USD pair is under tremendous pressure on a minute time frame. The price has pierced the Bollinger band at an important level of support zone which is mentioned below. The piercing of the Bollinger band only has importance when this takes place at significant support or resistance level because it has the ability to change the direction of the current trend. The price has moved sharply higher and now testing the 50 day moving average as a resistance. If it cross the 50 day (shown in yellow) and the 100 day (shown in red), it will confirm that the Bulls are back in strong control of the price.

The RSI has moved sharply higher from its over oversold zone and it is near its 70 mark.

EURUSD 29-06-2015

Important zone

1.0963- 1.0944 Minor support

1.0902- 1.09027 Major Support

1.1225- 1.12085 minor resistance

1.1435- 1.1411 major resistance



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