International Economic
Euro headed back to 1.30?
By Alexander Bueso
Date: Wednesday 28 Jun 2017
(ShareCast News) - The European single currency pierced a key level of technical resistance and past a certain point further gains might trigger another large move higher, according to technical analysts.
On Tuesday, the euro closed above 1.12996 - its November 2016 highs - opening the way for a move towards 1.15, according to Jose Maria Rodriguez, technical analyst at Web Financial Group.
To back up his claims, Rodriguez pointed towards the downward sloping price channel on weekly euro-dollar charts, the upper part of which was then running at 1.15.
Yet the most important level to watch was 1.16163, the euro's 2016 highs.
If that mark were breached then price charts would in theory be flagging that a move towards the upper part of the long-term price channel - now at 1.30 - might be on the cards.
Article Archive
Free Membership To Digital Look
Discover the full range of Investor's Tools and Services from Digital Look - voted 'Best Research & Information Provider 2007' by Investors Chronicle.
En HeaderFooterDLYou are here: research