Eur/Usd stayed depressed on Friday
September 13th, 2010
Eur/Usd stayed depressed on Friday, but overnight the market has strengthened and is currently nudging the short term 61.8 % fib level of 1.2812. However…short term we are overbought so expect a struggle at these higher levels.
We should see correction quite quickly with 1.2710 to 1.2690 looking to entice. Buyers are likely to be in this vicinity therefore sellers are expected to cover all short positions. They are expected to hold unless we lose 1.2670.
So…..as stated we have good resistance at 1.2812/30. If buyers do manage to break above 1.2830 we would be looking for 1.2920 then 1.2950/60 quite quickly.
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