Back
7 Jan 2014
Flash: A top reversal aligning?
FXstreet.com (Guatemala) - Strategists at TD Securities suggested, from a technical perspective, the stars have aligned over the course of the past few weeks to suggest that an important top/reversal in EURUSD formed through December.
Key Quotes:
“… after repeated failures to sustain 1.38+ levels—effectively a rejection of trend line resistance drawn off of the 2008 high”.
“Short-term trend channel support at 1.3620 has provided some underpinning for the EUR so far this week but loss of support here in the next few days will prompt a push back towards the 1.33/1.35 area in the next few weeks”.
Key Quotes:
“… after repeated failures to sustain 1.38+ levels—effectively a rejection of trend line resistance drawn off of the 2008 high”.
“Short-term trend channel support at 1.3620 has provided some underpinning for the EUR so far this week but loss of support here in the next few days will prompt a push back towards the 1.33/1.35 area in the next few weeks”.