EUR/USD Stuck Between 38.2 And 50% Retracements
Admirals | Nov 26, 2013 05:30AM ET
The new week started with a small retracement of the upswing that happened during the last days of the previous week. The price tested the 38.2 Fibonacci level again at the end of the American session, and the bounce looked positive as candles drew two long lower wicks exactly on this support. As it is often said, if the market tries something twice and fails, it usually goes the opposite way. If this will hold true, it will mean a strong continuation of the bullish retracement that stopped recently on the 50% resistance.
Tuesday starts on relatively high levels indicating the willingness to attack the recent highs below the 50% Fibonacci. The bullish breakout on this level would be very interesting as it would help to draw the inverted head and shoulder formation which would give a buy signal.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.