RSI Trend and 61.8% Fibo Offer Support for EUR/USD

| 27 juni, 2013 | 0 kommentarer

RSI_Trend_and_61.8_Fibo_Offer_Support_for_EURUSD_body_Picture_2.png, RSI Trend and 61.8% Fibo Offer Support for EUR/USD

Chart prepared by Christopher Vecchio using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREX Analysis: The EURUSD sliced through support at $1.3070/80 (38.2% Fib July 2012 low to February 2013 high [blue line], 50% Fib April low to June high [red line]) easily today, and now finds itself at the 61.8% Fibonacci retracement of the April low to the June high [red line] at 1.3000. The psychologically significant figure serves as a reasonable area to look for a short-term low, further suggested by the daily RSI falling to trend support (February 25 and May 17 RSI lows).

FOREX Trading Strategy: The trend is down and therefore playing countertrend moves (rallies) is best avoided; given volatility, bounces can be more shallow than desired and lead to quick losses. Accordingly, I’d look into 1.3070/80 (38.2% Fib July 2012 low to February 2013 high [blue line], 50% Fib April low to June high [red line]) for resistance for the next short opportunity.

— Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail [email protected]

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

E-postadressen publiceras inte. Obligatoriska fält är märkta *