Last week ended for the EUR/USD pair with bouncing from the 1.30 support, a psychological and historical (2nd and 12th of December, 2012) supply level. All of last week was not very pleasant for investors holding long positions but the situation changed on Friday. On 4th of January, buyers made a few steps to improve their poor situation.
First of all, they managed to break the bearish trendline (blue) and that should lead to a sentiment change from negative to neutral. What is more, the recent bottom is shaped like an inverted head and shoulders formation, which should have changed the sentiment to positive. A buy signal was generated when the price managed to get above the neck line (green). The market opening on Sunday was disappointing for bulls as they could not hold the neck line as their support.
EUR/USD" title="EUR/USD" width="618" height="314">
Bulls have currently only one supply level and that is 1.30. Breaking this level can cause a major downfall and should be strongly protected by investors holding long positions. Getting back to an uptrend is less likely than it was on Friday, but if it will happen we should be aware that there are few major resistances above. The first one is 1.3090, the next one is 1.3120 and finally the last one is 1.3175. Each one of them will be used by bears to open short positions according to the recent trend.
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EUR/USD Bounces From 1.30 Support
Published 01/07/2013, 05:35 AM
Updated 01/31/2022, 02:45 AM
EUR/USD Bounces From 1.30 Support
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