GBP/USD Intraday Technical Analysis
GBP/JPY Elliott wave count and Fibonacci levels for March 2, 2012
News: 2012-03-02 10:07:11 UTC+00 1 year, 2 months, 2 weeks, 6 days, 3 hours, 27 min. ago
EUR/USD Intraday Technical Analysis

 


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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.3330 suggesting a decline. However a break of these levels will allow it to reach the upper limit of its channel - 1.3440.

Technical indicators provide sell-signals but are approaching to the oversell zone suggesting a rebound. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.

According to previous events, the market will indicate a bullish opportunity as soon as the spot rate has broken its resistance at 1.3330 with the 1st objective of 1.3390, then 1.3410. A break through 1.3310 will invalidate this scenario.



 

Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.

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Analytical expert: Albert Fitoussi
InstaForex Group © 2007-2013
 Published: 2012-03-02 10:07:11 UTC+00 1 year, 2 months, 2 weeks, 6 days, 3 hours, 27 min. ago

 
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