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Forex technical analysis: EURUSD rallies off decision

EURUSD all over the place. Market out of balance.

The first part is out and the market price action is acting disappointing. Of course it was better than nothing at all (I guess the office cat must have jumped on the FT twitterers keyboard).

The price action has taken the pair to the high area defined by swing highs and lows (see yellow area in the chart above). A move above, will open the door for a further upside move toward the swing high from Nov 20 at 1.0707 and the high from Nov 19 at 1.0763. Those are the technical levels that traders who are bearish may lean against, or traders who like the upside, will want to see broken. Traders at the moment are acting disappointed with the decision and liquidity/volatility is likely to continue. Traders may look to lean against the 1.0683-92 area, but a break (1.0700) and there should be stops. That area will then become support.

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


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

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