In recent currency market trading, EUR/USD consolidated during the early part of last week, making its weekly low point of 1.3070 last Monday, before then trading sharply higher as far as 1.3423 on Friday. The rate then softened significantly to end last week and the year of 2010 at 1.3361. Thus far, these higher levels have been sustained early this week, with additional progress to the upside seen today to the 1.3432 level as the rate trades higher within an ascending channel pattern on the hourly chart.
While the rate dipped briefly under its key 200-day Moving Average during Monday and Wednesday of last week, it rallied to close the week and the year substantially above the indicator’s present level of 1.3084. This indicator has now flattened out to yield a neutral medium term outlook for the pair.
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