EUR/USD Daily forecast ahead of the ECB meeting / MBCFX/ 02/07 /2013

EUR/USD Daily forecast ahead of the ECB meeting / MBCFX/ 02/07 /2013

EUR/USD Technical Analysis: by using the Oscillator trends, the FX5_Divergence indicator, the Moving Average , and Flat Trend indicator,


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We notice on the 4 hours chart the forming of many divergences between the trend of the prices and the Oscillator trends, and this is confirmed by the FX5_Divergence indicator.

We have also noticed great oscillations during the trading of this week, and this is represented by the Flat Trend indicator.

All of these signals are reflecting the confusion of the investors who remain cautious ahead of the ECB meeting later in today.

Today we expect that the Euro would retreat towards the Moving Average 100 at $1.3506, and the prices did not test this Moving Average since January 10^th, 2013.

And if the Euro breaches down this level, the next target would be towards the main support level of $1.3480, which will represent the main point of shift of the prices from Bullish to Bearish trend.

Concerning the short term trading, we expect that the EUR/USD prices would remain trading between the 1.3509 and the 1.3540 level, before the ECB meeting. 

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