Forex: EUR/USD in session highs around 1.3475
Forex pairs in this Article »
EUR/USD
FXstreet.com (Barcelona) - The single currency continues to push higher, at the moment printing fresh session highs in the area around 1.3575/80, ahead of the FOMC gathering due later.
In the near term, FX analyst at FXA.com David Solin, suggests, "the cross has finally pushed into the long discussed 'ideal' area for a more major top at 1.3475/3500 (50% retracement from the May 2011 high at 1.4940). Note the slowing upside momentum over the last few months, a potential rising wedge (reversal pattern) forming over the last few weeks, and the view of a more important bottoming in the broader USD index, all add to the potential for an approaching important top".
The cross is now advancing 0.62% at 1.3472 with the next resistance at 1.3581 (Upper Bollinger) ahead of 1.3615 (high Nov.18 2011) and then 1.3641 (high Nov.15).
On the downside, a breach of 1.3498 (high Jan.29) would aim for 1.3415 (low Jan.29) and then 1.3392 (MA10d).
In the near term, FX analyst at FXA.com David Solin, suggests, "the cross has finally pushed into the long discussed 'ideal' area for a more major top at 1.3475/3500 (50% retracement from the May 2011 high at 1.4940). Note the slowing upside momentum over the last few months, a potential rising wedge (reversal pattern) forming over the last few weeks, and the view of a more important bottoming in the broader USD index, all add to the potential for an approaching important top".
The cross is now advancing 0.62% at 1.3472 with the next resistance at 1.3581 (Upper Bollinger) ahead of 1.3615 (high Nov.18 2011) and then 1.3641 (high Nov.15).
On the downside, a breach of 1.3498 (high Jan.29) would aim for 1.3415 (low Jan.29) and then 1.3392 (MA10d).
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