nmike

EUR USD update

FX:EURUSD   Euro / Dolar A.S.
16
I find it quite useful to draw trend lines on a longer look back period RSI.On a longer period RSI such as I have here it's a good idea to have 2 other oversold / overbought lines, 65 & 35.You can see here that the Euro last topped at and near 2 trend lines,at the same time the RSI was close to the 65 level, also note the negative divergence between RSI point 1 & 2. Euro began to turn down at point A and 3 RSI supports were broken. EurUsd is now at a pivot and trend line support, near term upside target is 1.37.Failure to hold here could see the Euro fall to 1.32 level near term.

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