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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Thursday, December 22, 2011

EUR-USD direction for the next days

Bearish move still in focus on EUR-USD cross, as the bulls are testing the T1 trend line that I talked about yesterday.

The 1,3040 area is still an important support, reconfirmed yesterday. T1 trend line is acting now as resistance and, along with the stochastic oscillator trying to reach the overbought area, forms a good entry point for the bears.

Main target on the down side still set at 1,2900 area, representing 2011 lows. This is a MAGNET!   

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