Yesterday on the daily Forex chart, we can see that the Euro ended with a black candle with a long tail on its upside. The Euro opens in a price and then rise all the way up in a fast speed. It reached the point as high as 1.3282 and then retraced back. It reached the highest point to 1.3259 and then turned back to 1.3206, providing profits about 40 pips. Then, as regularly, where on earth the euro is going today?
Technical Forex Analysis
On the 4-hour Forex daily chart, the Euro did nothing but just opened at a high price and then moved up high in a fast speed. Finally it met strong resistance at 1.3282 and then changed its direction all the way down to 1.3200. To be honest with, there are still hope left that the Euro is going to move up; however, if only it breaks out this line today, it means that it is not that bullish. The only reason why it could reach a so high point is that it is just an accident. The key support line for today: 1.3162; the key resistance line: 1.3220.
On the 4-hour Forex daily chart, the Euro did nothing but just opened at a high price and then moved up high in a fast speed. Finally it met strong resistance at 1.3282 and then changed its direction all the way down to 1.3200. To be honest with, there are still hope left that the Euro is going to move up; however, if only it breaks out this line today, it means that it is not that bullish. The only reason why it could reach a so high point is that it is just an accident. The key support line for today: 1.3162; the key resistance line: 1.3220.
Fundamental Forex Analysis
Forex traders should pay attention to EMU data, which ZEW survey revealed better figures than expected, turning almost positive. In Germany, the economic sentiment did turn to positive, -15.0 to 5.4. However, Industrial Production (YoY9 in the EMU has seen a decrease to -2.0% in December, from 0.1% in November, and an expected decline by -1.0%.
Trading Suggestion
I suggest that Forex traders should observe the 30-minute Forex chart for every tiny movement.
Suggestion 1: if the euro reaches as high as 1.3220, Forex traders should consider going long.
Suggestion 2: if the euro drops as low as 1.3143, then Forex traders had better consider going short.
Suggestion 1: if the euro reaches as high as 1.3220, Forex traders should consider going long.
Suggestion 2: if the euro drops as low as 1.3143, then Forex traders had better consider going short.
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