Currency
by ForexNewsNow Team on October 29, 2010

EUR/USD forex technical analysis round-up: Oct. 29

EUR USD analysis - euros and dollarsNEW YORK (Forex News Now) – As of around 9:00 A.M. GMT on Friday, the euro was slumping against the U.S. dollar, trimming the previous day’s gains in European morning currency market trading.

This is what the analysts say about the heavily traded currency pair in the near-term:

FXstreet notes that weekly charts are going to show consolidation, or indecision, with a large doji – because EUR/USD is in a large triangle formation (as seen on the 4-hour chart).

“Top of the triangle is at 14034, bottom 13742,” the realtime forex news site adds, “We have daily support now at 13882 that we have traded around for three weeks.”

Forexcylce, meanwhile, points out that EUR/USD is being contained by 1.3698 support, and the pair’s rebound from 1.3734 suggest that sideways movement in a range between 1.3698 and 1.4152 is underway.

In intraday analysis, the site goes on to say that, “Lengthier consolidation in the trading range is expected in a couple of days, and further rise to 1.4000 area to reach next cycle top would more likely be seen later today.”

Meanwhile, in a report aimed at technical analysis trading, Action Forex notes that EUR/USD is still trapped in choppy sideways trading in range of 1.3697/4150, intraday bias remaining neutral.

“Below 1.3733 will target 38.2% retracement of 1.2587 to 1.4150 at 1.3553. Though, break of 1.4079 will now suggest that recent rally is resuming for medium term trend line resistance at 1.4550 next,” the site adds.

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