Analysis and forecasts for EUR / USD 02/12/16
Eurodollar after peaking at 1.1376 rebounded rapidly and at present, is below Tuesday's high of 1.1337. If within the next few hours, the demand side will not try to break through this resistance, we may be witnessing landslides eurodollar rate toward lower price levels. In this case, the supply side could lead to declines toward support at 1.1246 (peak of 5 February, which coincides with the lower bound channel growth). If the correction has been deeper is the next target for the supply of support is at 1.1160. In the longer term expect further increases after previous defense aids.
In the alternative scenario, we assume that the demand side has once again overcome the level of 1.1337 and will move towards 1,1371-90 resistance.
In summary Eurodollar from the purely technical, the preferred option seems to be the scenario with the establishment of the summit at the level of 1.1376 and with a deterioration correction, at least in the vicinity of the support at 1.1246. You should bear in mind Friday's data from the US, which affect the course discussed the currency pair.
RSI is at the falling trend line, lacking growth momentum.
In the alternative scenario, we assume that the demand side has once again overcome the level of 1.1337 and will move towards 1,1371-90 resistance.
In summary Eurodollar from the purely technical, the preferred option seems to be the scenario with the establishment of the summit at the level of 1.1376 and with a deterioration correction, at least in the vicinity of the support at 1.1246. You should bear in mind Friday's data from the US, which affect the course discussed the currency pair.
RSI is at the falling trend line, lacking growth momentum.
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