EUR-USD Technical Analysis 19 December 2009

After three weeks of continuous downward movement, it seems like not going to stop at least not so soon. However based on technical analysis we have the following assumption.

• It has reach a significant point of resistant as shown by the previous level in at the weekly and daily time frame.
• Full stochastic on the daily time frame is also seems to be completed. Once it does there should created support and resistant area where the normal up and down fluctuation take place.
• Based on the weekly bollinger band the movement also has reached the bottom line of the bollinger band.

So based on the assumption above we will wait until daily time frame full stochastic is completed and converge upside. Then the upward movement will determine the support level. After that the trade will be within the area of support and resistant.


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