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Forex News from New Forex: Technical analysis of EUR/USD

After the rally during the last two trading sessions the euro started to lose ground due to some rumours that the ECB is concerned about the contraction of the volume of debt securities corresponding to buying criteria. Yesterday tradings closed with a firm bearish candlestick on a day chart. The market retains high volatility potential.

On Friday the pair trades with a slight price decline remaining within the support at 1.1000 and resistance at 1.1132. In the short run as we see on a four-hour chart the EMA 55 slides, the EMA 20 reversed and started to rise. The MACD-histogram broke even, the oscillator Stochastic reversed upwards and sends a signal to buy.

NewForex Analyst

Michael Butnitsky



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