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Thursday, December 22, 2011

Currencies Locked in Consolidation Against US Dollar

  
Forex @ DailyFX - Currencies Locked in Consolidation Ahead of Anticipated Fresh Downside Against US Dollar

EUR/USD: The market has finally taken out the key October lows at 1.3145 to confirm a lower top by 1.3550 and open the next downside extension towards the 2011 lows from January at 1.2870. Daily studies are however looking a little stretched and at this point we could see some corrective action before the market resumes its downward trajectory. Look for any rallies to be well capped in the 1.3300 area from where the next lower top will be sought out.
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