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2 Dec 2014
EUR/USD 1.2358 support held well - RBS
FXStreet (Barcelona) - Dmytro Bondar, Technical Analyst at RBS, notes that last week’s price action confirmed the view for a rebound in the EUR/USD pair as it held the 1.2358 support.
Key Quotes
“Last week’s price action confirmed the view for a rebound in the EUR/USD, as it held the 1.2358 support at a time of weekly MACD forming a positive crossover.”
“Assuming the price remains above this support level There will be two possible outcomes: a) range- bound consolidation within 1.2360 – 1.2600 or b) a break of the latter level triggering a double-bottom pattern and a subsequent bounce back to 1.2750 and 1.2840”
“As oscillators suggest and as 5- week MA was broken, I believe the double bottom formation has a good chance of materialising with a subsequent push to 1.2750/65 onto 1.2840. Caveat is a break below 1.2358”
Key Quotes
“Last week’s price action confirmed the view for a rebound in the EUR/USD, as it held the 1.2358 support at a time of weekly MACD forming a positive crossover.”
“Assuming the price remains above this support level There will be two possible outcomes: a) range- bound consolidation within 1.2360 – 1.2600 or b) a break of the latter level triggering a double-bottom pattern and a subsequent bounce back to 1.2750 and 1.2840”
“As oscillators suggest and as 5- week MA was broken, I believe the double bottom formation has a good chance of materialising with a subsequent push to 1.2750/65 onto 1.2840. Caveat is a break below 1.2358”