EURUSD Daily Analysis – October 21, 2014
EURUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.2500.
EURUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.2500.
EURUSD is moving in a short-term uptrend since the ascending trend channel on its 1-hour time frame is still holding.
EURUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.2500, the fall from 1.2867 is likely consolidation of the uptrend.
EURUSD’s upward movement extended to as high as 1.2867.
EURUSD may be in for another set of losses, as the pair formed a reversal chart pattern on its 1-hour time frame. A double top formation can be seen, with price nearing the neckline around the 1.2600 major psychological support.
With many of the major trading centres closed yesterday for public holidays, and with little in the way of meaningful fundamental news to drive price action, trading volumes in currency futures remained thin, with the Aussie dollar, the British Pound, the Canadian dollar and the Euro, all consolidating further following the volatile price action of last week.
EURUSD is facing 1.2791 resistance, a break of this level will signal resumption of the uptrend from 1.2500, then next target would be at 1.2850 area.
EURUSD is facing 1.2698 resistance, a break of this level will indicate that the downtrend from 1.2994 had completed at 1.2500 already, then further rise to 1.2850 area could be seen.
EURUSD has been moving in a downtrend for quite some time, forming a descending trend line in connecting the recent highs.
The euro settled below $1.27 on Friday morning after jumping to a seven-month high on Thursday following the European Central Bank’s policy meeting. The common currency traded at $1.2646 at 7:30 GMT after the bank did not suggest that any type of quantitative easing program was on the horizon.