Archive for March, 2008
After the worse that expected NFP report, EUR/USD reached another new all-time high @ 1.5462, but the market was unable to sustain it. It is a little but unusual but given the overbought conditions it is not a surprise. On the daily chart the price action formed a hanging man reversal candlestick formation and if [...]
After the stronger than expected CIPS services data and the BoE decision to hold the rates unchanged, GBP/USD broke above the strong resistance @ 1.9970 and then above the psychological 2.0000 level. Next upside targets are 2.0100 and 2.0180.
EUR/USD is in clear uptrend but the market is in overbought condition. Slow Stochastics and RSI are above the upper lines and the Momentum oscilator shows divergence with the price. A correction should follow before the next leg up. Support is @ 1.5140, then 1.5070 and 1.4970. Resistance is @ 1.5275.
Some forex market analysts warn [...]