| Current level at 15.10 CET is 1.3584, trading above the daily pivot point level of 1.3559. First resistance is set at 1.3660 and second resistance is at 1.3754. Despite recent negative sentiment, this currency pair
has not been able to write significant new lows and is now trading almost at the same level as when a death cross
was signalized on February 8th at 1.3647. Bollinger bandwidth is contracting and the MACD histogram is now above the zero line. The Fibonacci 61.8% retracement level, measured over the 1.2333 - 1.5143 range, comes in at 1.3406 and the market has tended to shy off this level on a number of occasions recently. Existing short positions should be protected by a stop loss at 1.3845 which marks the upper Bollinger band on daily charts. |
