EUR.USD - Oct 15 - 2010 GMT
October 15, 2010 3:50 AM
EUR.USD - Oct 15 - 2010 GMT
Given the weakening of the U.S. dollar against other major currencies, we've seen a continual higher push on the EUR.USD above 1.4100.
Trends on both the monthly & weekly charts have been bullish for October. Over the last few weeks on weekly chart, we've seen price highs each week nearing overbought levels (DiNapoli OscP). On a daily chart, the 3x3 displaced moving average (DMA) has contained
thrust since mid-September.
In our forums is an illustration of the B&B identified on Oct 7th with price near "K" confluence support on the 12th prior to the push at new highs yesterday. (DLEVELS.net under EUR.USD).
At the moment from a long term perspective, the weekly chart shows F5 (61.8) resistance at 1.4165 with this week's ending overbought level at 1.4177. Although the daily trend on Oct 12th did indicate bearish, there has been bullish pressure though yesterday. Those with a bias on intraday long positions managing risk will note oversold levels on a 4hr chart with possible support near "K" 1.3990 as of this posting (relevant to DLEVELS strategies).
As always, added intraday perspectives will be posted in our forums with added details in MarketPlus.
Upcoming Economic releases (Friday Oct 15 GMT):
* All below as relevant in affecting USD related pairs
- 12:15 GMT Fed Chairman Bernanke Speaks
- 12:30 GMT - Core CPI, Retail Sales,
- 13:55 GMT - Prelim UoM Consumer Sentiment
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