11.01.201216:42 Forex Analysis & Reviews: EUR/USD technical analysis for January 11, 2012

Long-term review

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Current resistance for the European currency is 1.2800 – this is a relevant SAR level that acts as a serious upper level for the euro. The closest support is the 1.2715 level – therefore it is recommended to set stop orders at this level. However it should be noted that 1.2664 – local price minimum of the pair – is a more relevant support.

Indicators show ceasing attempts of the pair to ascend. The MACD shows convergent signals of histogram slowdown. In the nearest time we might see impulse movement and break of the 1.2715 level; signals for downside movement are provided by the OsMA (Moving average of Oscillator). As to the Stochastic, it only formed an explicit sell signal in a 1-hour graph.

Levels:

Resistance 3 – 1.2945
Resistance 2 – 1.2870
Resistance 1 – 1.2800
Support 1 – 1.2715
Support 2 – 1.2664

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