RBS - EURUSD 1.3040 – 1.3300 range awaits
Royal Bank of Scotland - "EUR/USD: Tuesdays piece commented on the fact that this level at 1.3040 should be supportive and I’m further buoyed by yesterday’s price action that was a good solid positive day following the reversal pattern witnessed on Tuesday. I think this opens up a short term move back to the trend line break area around 1.3275 and the important Fibonacci retracement level above there at 1.3296. Note too that the fairly distinct head and shoulders pattern looks like it had played out to the full just as the market traded fleetingly sub 1.3040.Should I be wrong and 1.3040 break then look to 1.2880 as the next meaningful level of support."
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Comment by Jasmine C on February 28, 2013 at 10:39am -
i have to be honest, i am a little disappointed that such a big figure was not more conclusively tested, before being rejected.
how i see the last two days price action is a general drift higher to my breakout level @ 1.3143.
i still hold the view that we will see one last move lower.
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Comment by Brian Twomey on February 28, 2013 at 12:28pm -
Jasmine, RBS is always off calculations, actual Bands are exactly 1.3043 - 3300 but bands here are at the extreme ends of price, better are bands at 1.3064 - 1.3279 which still says the downside is contained since not only are my bands rock solid but they only move 20 pips daily for EU. I too looked at your site to determine if you were doing something different from the rest of the world, take care
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