Sunday, September 27, 2009

EUR/USD update




Update on the EUR/USD currency pair:
1) main trend is still up
2) support in the 1.4600 zone
3) before going long again on this pair, will need to see the EUR/USD going above its resistance at 1.4850
4) bearish divergence between the price and the MACD lines signals that EUR/USD could still go down to around 1.44-1.45 before having a chance of rebounding higher.
5) I would become bearish on the EUR/USD if it goes below 1.4400 as the main uptrend would then be violated

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