Technical analysis for EURUSD on 27.08.13

0

Technical analysisDisappointing fundamental data (USD) on Core Durable Goods Orders (MoM) did not result in breaking the resistance level of 1.3400. The way to this level went amid a rebound down.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈125 pips

Max. 1.3580

Min. 1.3170

EURUSD technical analysis on 27.08.13

If positive fundamental data on the EUR and all USD majors did not result in positive dynamics, this means that the U.S. dollar is strong enough and does not want to lose its positions.

The EUR/USD is trading within a symmetrical triangle. Breaking one of the base lines may result in upcoming cross. However, the attention is paid to bears that have digested yesterday’s strong data on the EUR. Meanwhile, the trade volume is relatively small.

Breaking the support level of 1.3365 and the support line of 1.3350 would be a good signal for selling short at the support of 1.3310. Consolidation below 1.3310 will open the way to the trend line at 1.3285.

Alternative forecast

EURUSD technical analysis on 27.08.13

Even if the bulls are able to move up today and break the resistance level of 1.3400, the bullish trend will continue. The targets remain the same: 1.3440, 1.3480, 1.3500.

Share.

About Author

Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.