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Forex Analysis
by ForexNewsNow Team on December 28th, 2010

EUR/USD forex technical analysis round-up: Dec. 28

NEW YORK (Forex News Now) – The euro was soaring against the greenback today, trading at 1.3225 as of around 8:10 A.M., GMT.

The euro is up 0.45% on the day and has reached a session high of 1.3255 with a low of 1.3159 so far.

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

Investija.com writes that EUR/USD bulls initiated a recovery over the resistance barrier at 1.3187 price level.

“At the moment buying options are better opportunities. While bulls remain active above 1.3187 price level, bulls side is in safe area. Despite the previous bearish movements, bulls are slowly getting their shape back,” it adds in intraday analysis.

Forexcycle notes that the currency pair formed a cycle bottom at 1.3055 level on 4-hour chart, as expected.

“Now the bounce from 1.3055 is treated as correction of downtrend from 1.3497, range trading between 1.3300 and 1.3055 would likely be seen,” the realtime forex news site adds.

Finally, FXstreet sees EUR/USD trading in a range between 1.3100 and 1.3290.

“Hourly indicators are losing strength their midlines, yet recent acceleration higher, supported by rising stocks this Monday, suggest a retest of the 1.3220/1.3250 price zone. 4 hours chart supports the bias, with indicators slightly bullish. Now, 1.3130 should keep the downside limited to see the above mentioned recovery,” it adds in EUR/USD analysis.

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