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FOREX: Technical analysis 17.12.12

17.12.2012

Market Review

EUR / USD

News background:

The pair received good support due to expectations of euro zone output of the protracted crisis and further loose monetary policy, which will definitely have a negative impact on the U.S. dollar.

Technical picture:

From a technical point of view, the pair is still in the short term uptrend. Price is above the center line of the Bollinger and EMA 5 and 21, and SMA 100 and 200.

Oscillator Stoch. points to the possibility of downward correction, but the RSI is overbought and shows the suspension of growth of pair.

Trading recommendations. Buy a pair for downward correction if it can stand up to the likely level of 1.3125-30 to 1.3245-50.

Technical analyst at Forex Bulyga

Author: admin

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