Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

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Wednesday, December 21, 2011

EUR-USD Technical Anlalysis 2011.12.21

The EURUSD cross spiked up above 1.3150 resistance as the ECB lent more than expected to European banks a couple of hours ago.

From the technical point of view, 1.3150 - 1.3230 area is a strong resistance (see dec. 15 analysis: http://markettechnicalview.blogspot.com/2011/12/eur-usd-technical-anlalysis-20111215.html) and today’s price action proved it. Bears took over in the main resistance zone, a few minutes after the hot news was released and took the EURUSD in the 1.3100 area.

The lows of the year are at 1.2900 level, as well as the down target on medium term. Therefore, I look for a break below T1 trend line as a second signal of achieving the target of 1.2900 (the first signal was confirmation of 1.3150 - 1.3220 resistance zone).


Posted by Adrian Filip at 2:32 PM
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