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EUR/USD indicates possibility of rebound - RBS
FXStreet (Bali) - Dmytro Bondar, Technical Analyst at RBS, notes that EUR/USD charts indicate the possibility of rebound.
"The EUR/USD has been trading above a key long-term support level of 1.2384, being the 23.6% retracement from the 2012 impulse wave."
"It has also posted a low of 1.2358 and failed to break below on the second test, indicating a possibility of a double-bottom formation and a subsequent bounce back to 1.2600 onto 1.2750 and 1.2840 should the pattern materialise."
"Weekly MACD is still bearish, but its histogram indicated a positive divergence with the price action, confirming the possibility of a bounce with good risk/reward, as a break below 1.2358 would cancel the view for a bounce and target 1.2043."
i love to trade with EURO/USD currencies and this news is very effective for my today trade basically i trade each day with small amount. i will be grateful if you post GBP/USD analysis report for next day.
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