EUR/USD Technical Analysis and News Daily Overview
March 16, 2010 by Orhan H.
Filed under Technical Analysis
If you look at EUR / USD on the H4 time frame (see picture above), you’ll see a sideways trend that is tend to become bullish. Price is halfway between support and resistance, which is not a major problem.
If you switch the time frame at the H1, the situation is much clearer, see the picture below, as strong support we have monthly, weekly and daily pivots, and this fact gives us a lot of confidence. However, the problem is today’s news release (Building Permits, FOMC statement, the Federal Funds Rate). In case you still can’t wait for the news announcement, stuff would be quite simple.
I will look for during the day a good opportunity to sell, if the news suddenly increase the price of the euro at resistance level (see first image), I will seek an opportunity to sell. Much depends on the price action.
