Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Monday, October 24, 2011

EUR-USD Technical Anlalysis 2011.10.24

EUR-USD: 1.3900-1.400 is a strong resistance 

The EUR-USD reached for the second time the 1.3900 resistance level as the 1.3660 support hold well in the last week.

Looking at the bigger picture, the 1.3900-1.4000 area is a strong resistance area, given by the previous lows (created in the may-august period) and the 50.00%-61.8% retracement zone of the September decline.

In case of a reverse to the down side, the first important support is set around the 1.3660 level and the next one is down towards the early October lows in the 1.3150 area.

The other scenario is the break trough of the resistance area and targeting the late august highs in the 1.4500 zone. However, if this will be the case, we need to see the current resistance area turning into a confirmed support.  

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