forex eur/usd technical analysis - currency trading

Breakout can happen anytime, however as long as the weekly slow stochastic is not yet diving down there should be resistance still going on. That cause the market randomly bouncing ups and downs.

Since there is resistance, a chance to move up until 1.3041 is still a possibility. That is if only extra-ordinary good economic data forecast from the euro zone market. If not then the market should be bouncing just somewhere within the area of 1.2448 and 1.2711 level indicated by the bottom and middle of the bollinger band line respectively.

Below chart shows the possible fluctuation level of the eur-usd pair in the daily time frame. This boundary draws by the bollinger band moving average line.

Weekly time frame below shows upward movement of slow stochastic to confirm that the pair is still fighting against the resistance level and making some correction activities. Breakout is not yet so certain as long as slow stochastic is moving up.

Monthly time frame showing a possible oversold area when the market is successfully break the resistance level in the future. There is a possible extreme oversold depending the fundamental economic data to drive the market into extreme temporary oversold movement

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