Wednesday, April 18, 2012
During today's trading session, the EUR/USD pair had ended the day flat as most of the losses seen during the Asian & European Trading Sessions were recovered during the New York Trading Session. The pair had only fallen 83 pips from the session high at 1.3141 to the session low at 1.3058, where it found support for the day and began to climb higher towards our opening price.
In today's technical analysis review, we will briefly explain the price action in the EUR/USD pair and identify common areas of support & resistance for potential trade entries.
Tuesday, April 17, 2012
During the start of today's webinar, we briefly discuss the recent price behavior in the EUR/USD and the reasons for the negative handover from yesterday's risk on rally to today's rangebound market. There were rumours circulating that Middle Eastern Sovereigns were purchasing the EUR/USD near areas of support around the 1.3100 handle, in an attempt to prevent the pair from collapsing lower. This move higher was also aided by the good Spanish T-Bill Auction that met its expectation, albeit at a much higher yield. This fair takeup of Spanish paper was done despite worries over Spanish debt and other soveregn debt woes in the Eurozone. We also saw April ZEW Economic Sentiment headline numbers come out better than expected, which also contributed to the risk appetite. In today's webinar, we discussed the impact that liquidity provisions are having on the equity market. We also performed a fibonnacci retracement study to identify potential areas of support & resistance for trade entry.