EUR/USD : supported by a rising trend line 31/05/2010
EUR/USD
While most indicators are currently floating in neutral territory with the pair currently range trading between 1.2284 and 1.2330, the hourly RSI is floating near the oversold territory indicating that an upward correction may take place later today. Going long with tight stops may be advised
Pivot: 1.2265
Our preference: Long positions above 1.2265 with targets @ 1.234 & 1.239 in extension.
Alternative scenario: Below 1.2265 look for further downside with 1.2202 & 1.215 as targets.
Comment: the pair is pulling back on its bullish channel lower boundary, the RSI is mixed and calls for caution.
Key levels
1.2453
1.239
1.234
1.2296 last
1.2265
1.2202
1.215
http://forexqs.blogspot.com
EUR/USD
While most indicators are currently floating in neutral territory with the pair currently range trading between 1.2284 and 1.2330, the hourly RSI is floating near the oversold territory indicating that an upward correction may take place later today. Going long with tight stops may be advised
Pivot: 1.2265
Our preference: Long positions above 1.2265 with targets @ 1.234 & 1.239 in extension.
Alternative scenario: Below 1.2265 look for further downside with 1.2202 & 1.215 as targets.
Comment: the pair is pulling back on its bullish channel lower boundary, the RSI is mixed and calls for caution.
Key levels
1.2453
1.239
1.234
1.2296 last
1.2265
1.2202
1.215
http://forexqs.blogspot.com