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Overnight Strength in EUR/USD Could Negate Reversal Top

15-07-2008 - James Hyerczyk  |   Forex Technical Analysis
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Despite posting a closing price reversal top at 1.5972, overnight action indicates that the EUR/USD reversal is not likely to be confirmed.

The sell-off on Monday was weak as the close was no where near the low of the day, which would have indicated a follow through break on Tuesday.

If upside momentum picks up today, then look for this pair to challenge the all-time high at 1.6019 (04-22-08)

Support moves up to 1.5850 and 1.5742.

There are rumors floating that the Euro Zone economy is showing signs of weakness which may prompt at rate cut reversal by the ECB.  This rumor has not been confirmed by trading action, but nonetheless is out there.
Content Provided by:
James Hyerczyk

James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.

Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor....

 
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