EUR/USD In A Support Zone
AvaTrade | Apr 23, 2013 06:08AM ET
The EUR/USD is falling on the back of extremely disappointed German Flash Manufacturing PMI data which came in at 47.9; the original forecast was 49. The pair is trading in a support zone on a 30 minute time frame, and the price has pierced the Bollinger Band® at this level. Volatility for the pair is very high at the time of writing, as the price is very far from its moving average. Most traders consider the piercing of the Bollinger Band® at an important level as an odd enhancer, because it usually follows a trend reversal.
Important Zones
Resistance Zone
1.3319-1.3282
1.3198-1.3169
Support Zone
1.2998-1.2969
1.2865-1.2842
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by Naeem Aslam
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