EUR/USD Fractal 1.2983 – For January 4, 2013 (Daily Strategy)
The euro fell quickly yesterday after it had closed below 1.31. We suggested that the close below the 1.3103 support would be a weekly sell signal. Support kept the pair above 1.32 and as a result there is no doubt that the support is broken. According to the indicator, the euro has 1.2983, daily fractal. This is a strong level. Now the rate is probably approaching it, but given that it is a bit oversold, probably there is an important rebound above this level. Therefore it is recommended to see this level and purchase above it.
Technical indicators are in middle zone, there is probably a rebound and then the downtrend continues. If the psychological level of 1.30 is broken and the pair closes below this level, it will be the beginning of a new bearish sequence until 1.27.
If you need personal consultation, contact me via e-mail: email@example.com
The material has been provided by Instaforex Company – instaforex.com