EUR-USD Technical Analysis - 01 May 2010

Reaching the peak level of 1.3329, the EUR-USD giving temporary scare to the short-term bearish traders because it moved passed the ideal position at 1.3258. As for now currently the pair seems to go down to correct itself. There are two possibilities can happen here where it could go all the way down to 1.3258 level or making U turn upside to 1.3329 to form the M shape chart formation. But this is not our concern for now as we are going to look at next week market movement.

This technical analysis for the EUR-USD pair will be for next week, based on technical indicators position.

Daily Time Frame:
MACD = Down (Maintain short-term bearish trend)
Stochastic = Up (Caused of the temporary upside correction)
Bollinger Band Position = Bottom (Maintain short-term bearish position)

Weekly Time Frame:
MACD = Down (Maintain Intermediate-term bearish trend)
Stochastic = Down (Initiate Continuation Intermediate-term bearish trend)
Bollinger Band Position = Bottom (Maintain Intermediate-term bearish trend)

Monthly Time Frame
MACD = Down (Maintain Long-term bearish trend)
Stochastic = Down (Maintain Long-term bearish trend)
Bollinger Band Position = Between middle and bottom line (Premature bearish movement)

Using technical indicators direction and position analysis above, we can summarize that the EUR-USD market direction favors downtrend again. The long-term target is at 1.2640 based on previous historical low.

Post Office Tracking Renew Antivirus Store