(1,3315) The EUR/DOLL failed to move lower extending instead its move up that favoured a strong closing last night above the resistance of the inside day at 1,3295 suggesting further upside potential. The closing was also above a s/t resistance line suggesting a possible retest of the previous top at 1,3452. However the present level is 61,8 Fibo retracement level of the previous drop 1,3452 – 1,3104. The indicators of the daily chart are now moving above the line while those of the s/t ones are already positive but still showing overbought conditions and potential negative reversals. However, in the hourly chart we have bearish divergences and already a positive reversal suggesting a s/t target at 1,3339!! Again the s/t scenery of the EUR/DOLL is very mixed but we strongly believe the upside should be limited. We got stopped out for now and waiting for higher levels to sell again!
Read the full report: EURUSD 09.12
Future Trend