Technically speaking, ?Monday?s test of 1.6455 prove short lived and Friday?s 1.6207 low is back under pressure. The price action leaves the downward correction in play backed by falling daily studies that have room to extend, while the Bolli bands are also edging lower,? says a trader at Thomson Reuters ? IFRMarkets.
To the downside, according to Valeria Bednarik, Chief Analyst at FXstreet.com, support levels lie at 1.6250, 1.6210 and 1.6160. To the upside, resistance levels lie at 1.6310, 1.6335 and 1.6360.
� 2011 ?FXstreet.com. The Forex Market? All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Source: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=f6d04936-755f-48cb-85fa-ed55e7fe853f
No comments:
Post a Comment