EUR/USD : Technical Analysis Report 17-October-2011

Sunday, October 16, 2011 Posted by TFAL Team
The European currency managed to close the week with the highest weekly gains since late Jan-2011, the pair broke above 50.0% retracement (From 1.4645 to 1.3140’s) despite that the pair is heavily overbought as mentioned on the chart above, Stochastic oscillator is trading above 80%. Meanwhile the pair is facing another significant resistances a head, the first one stands at 1.3980 which represents its 55 DAY MA (Daily), and a break above that level will open the way for further upside risk toward 61.8% Fibonacci Golden Ratio which stands at 1.4010. as far as 1.4010 hold, the general down trend may resume later next week,  on the weekly chart, the pair has another significant resistance which should stay below it till the end of this week, in order to continue with its major down trend, those resistances stands at 55 & 200 WEEKS MA (Weekly Chart), at 1.3940 followed by 1.3985.
EUR COT Chart indicates that Non-Commercial Long contracts decreased from 18104 to 17040 contracts last week while Non-Commercial Short contracts decreased from 100801 to 90835 contracts last week. Net Long/Short increased from -82473 to -73795 contracts

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