Forex Analysis
by ForexNewsNow Team on September 23, 2011

EUR/USD Forex Technical Analysis Round-up: Sept 23rd

ForexNewsNow – The euro lost ground vis-a-vis the US dollar on Thursday hitting a low of 1.3384 before closing around 1.3467. This occurred against the backdrop of the Dow Jones losing 391 points (3.51%) yesterday to close at 10733.83 following end of the Federal Reserve’s FOMC meeting, which failed to reassure investors about the prospects of the US economy’s recovery in the near-term.

So far today, the euro is up 0.35% trading at 1.3511 as of around 7:20 A.M. GMT and has hit a low of 1.3453 and a high of 1.3568.

EUR/USD technical snapshot

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Drop from 14550 has approached 1st target of thedaily Triple Tops off 1.3968 (1.3381) and currently back in channel off 1.4550 (see graph).

Support area at 1.3484 (break-up hourly), with next levels at 1.3437 (reaction low hourly), ahead of 1.3384/.3381 (current reaction low off year high/ see above) and 1.3360/ .3350 (daily envelope bottom/ 76.4% year low to year high), where pause favored.

If unable to hold, next levels at 1.3288 (daily Bollinger bottom), ahead of 1.3265/ .3240 (daily Starc bottom/ 2nd target off 1.3968): tough on 1st attempts.

Resistance at 1.3573/ .3589 (reaction high hourly/ daily modified Alpha Beta trend top + daily Short Term Moving Average↓), ahead of 1.3601/ .3631 (reaction high hourly/ breakdown hourly), where pause favored.

If unable to cap, next levels at 1.3659 (23.6% 1.4550 to 1.3384), ahead of 1.3695 (breakdown hourly) and 1.3718/ .3724 ((daily Medium Term Moving Average↓/ daily modified Standard Error band top): suspect tough on 1st attempts.

forex trading brokersSource: KBC Bank

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