namrata.yadav Posted July 15, 2011 Report Share Posted July 15, 2011 EUR/USD: consolidating before news The exchange rate has consolidated ahead of an important news announcement later today. It has fallen slightly off the highs and has been trading just below the level of the triangle lower borderline at 1.4150, indicating a bearish start to the day. The overall view is bearish, however, the upsurge on Wednesday which posted a long green candle indicated bullish potential. Nevertheless the gap at 1.4260 has been filled so now that that job has been done, the markets could start to fall again. Much depends on the results of the EU Bank Stress Tests at 16:00, but if it is bearish, an initial target down could be the consolidation zone at 1.4000, whilst if positive there may be a rally to the line of resistance at 1.4300. Forex Analysis by: Joaquin Monfort Forex4you analyst Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Quote Link to comment Share on other sites More sharing options...
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