EUR/USD Intraday Market Looking Bullish


A more technical look at the markets from InterTrader

As the risk-on sentiment continues, EUR/USD managed to rally through the $1.28 level this morning.

With speculation running rampant in the lead up to the Eurozone decision on Greek debt, the French downgrade did not deter the bulls from pushing the forex pair higher.

Indeed, it looks like the EUR/USD market could go further up intraday.

EUR/USD chart
EUR/USD chart


With the pair currently around $1.28, the bulls are likely to meet some resistance.

However, once the $1.2825 resistance level is cleared this would open the door for $1.2875 intraday.

We should not forget though, all-in-all, we are in a bearish market.

If we compare the gains the Dow Jones posted yesterday to the lack of an explosion of the euro against the greenback this should warn us that we have more risk to the downside than the upside.

This could therefore make today’s potential rally a good selling opportunity on a longer term basis.

For a live chart, see EUR/USD chart.

Looking at the Eco stats, it’s another quite day on the European economic data front, so that keeps the focus on the US Housing Starts and the US Redbook.


Good luck

Dafni Sedari


(Original article written 20 November 2012).