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Forex Flash: EUR/USD coming under pressure – RBS

By FXstreet.com,  January 09, 2013, 05:50:00 AM EDT

FXstreet.com (Barcelona) - According to William Moore, a Technical Markets Strategist at RBS, "In analyzing the daily chart yesterday, it looks as if the short-term EUR/USD is coming under pressure; an emerging wedge pattern implies that the breaking of this short-term support level around 1.3070 is the trigger for a possible extended downside to the previous annual low at 1.3000, initially onto the mid 1.2800's potentially."

Moreover, "the stop loss for this short-term position would be through the recent highs at 1.3137 - this short-term position compliments the longer-term ones noted in recent movements." Moore adds.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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