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Forex Analysis
by ForexNewsNow Team on December 13th, 2010

EUR/USD forex technical analysis round-up: Dec. 13

NEW YORK (Forex News Now) – The euro was falling against the greenback today, trading at 1.3219 as of around 9:40 A.M., GMT.

The euro is down 0.07% on the day and has reached a session high of 1.3228 with a high of 1.3183 so far.

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

Investija.com writes that EUR/USD formed a negative channel towards support barrier.

“If a breakout is confirmed at support barrier later today, look for selling options, moreover while downtrend channel is still valid. Look for selling options, but for now waiting action is better option,” it continues in its intraday analysis.

Forexcycle notes that the currency pair is staying in a price channel on 4-hour chart and remains in short term downtrend from 1.3437.

“Deeper decline to 1.3100 area to reach next cycle bottom is still possible. Resistance is at the upper border of the channel, now at 1.3270, only a clear break above the channel resistance could indicate that the fall from 1.3437 has completed,” the realtime forex news site adds.

Meanwhile, FXstreet sees the currency pair trading in a range between 1.3040 and 1.3258.

Even though we can see an inside triangle that would favour a break to the down I do think we will move higher to ‘close the gap’. After the close I would need to see a break of the trend line at 13258 to take this pair up to 13400 and possibly 13600. A break lower through the triangle base and look for 13040,” it adds in its column aimed at FX traders.

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