EUR/USD Technical Analysis - October 29, 2012

"We expect Monti to find parliamentary majorities for his reforms and to stay on until April 2013 though it may get noisy, possibly even with a discussion about early elections"  - Berenberg Bank (Based on Bloomberg)

EUR/USD 29 October 2012

Pair's Outlook
 
A new week starts with a slight decrease of EUR/USD pair, as the price settled beneath the upside trend, which began on 25th of July. Currently the price is very close to the 55-day SMA at 1.2878. The next support level would be 1.2840, where are the Bollinger band and the weekly S1, monthly PP levels. However, currently this pair is in a very vague situation and may develop into a new triangle pattern, a down sloping channel or just in a wide flat zone.

Traders Sentiment
 
Situation in SWFX market since Friday has not changed and keeps a pessimistic spirit about EUR/USD pair, as 45% have a long position and 55% hold a short. Pending situation segment shows 55% orders are to acquire the Euro and 45% to buy the Dollar.

EUR/USD 29 October 2012 Outlook

Published by Forex Quebec

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Tags: Dollar, EUR/USD, Euro, Technical

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