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FX: EURUSD Getting Close to a Support Area

Interval: Daily


The uptrend was invalidated after the price has broken its line. The fact that it got that fast back under 1.30 level means that the dollar is viewed again as a safe heaven and might go even lower during the next months, targeting 1.27 level which was tested in the past several times, becoming a key level.

For the moment it got pretty close to a support area, where it could find some demand and rebound back to 1.31 or even higher to 1.3270 where a very good resistance is in place. The area is actually a cluster of 50% retrace of the main uptrend, 1.2876 support but also looking over an 28 periods RSI we will observe that it is getting close to 33.31 level from which it has rebounded in 24 July 2012.

Getting into the area it is only the signal; a part of the confirmation would be the break over the trend line of the RSI, but for the price action confirmation keep an eye on the website for updates.

FX: EURUSD Getting Close to a Support Area by