What is the next target of the EUR/USD for today /MBCFX /02/19/2013

What is the next target of the EUR/USD for today /MBCFX /02/19/2013

EUR/USD Technical Analysis: by using the Ichimoku indicator, Stochastic, Parabolic Sar, Alligator, RSI, and MADC indicators

The EUR/USD was almost steady during yesterday’s trading sessions due to  the market thin liquidity because of the US Presidents’ Day.

So we remain following the same daily chart that reflects a bearish wave during the next trading, especially after official reports held during the weekend showed that the European countries had recorded the largest economic contraction by 0.6% during the last quarter of 2012 year.

 And this data comes the decline of the  economies of Germany, France and Italy, at higher expectation rates .

According the mentioned economic data, we see that today the market would react on the negative impacts of the mentioned news.

Therefore, we expect that the EUR/USD would retreat towards the 1.3306-1.3280 area, and if it breaches down this area, this would confirms the decline of the prices to the Ichimoku top level at $1.3208

The following indicators: Parabolic SAR, Stochastic, Alligator, RSI, MACD, also support the bearish trend of the prices.

So any rally of the EUR/USD, would represent good opportunities to enter sell positions, and to short the market in order to take some profits on the mentioned levels, but we recommend you to enter a stop loss at the 1.3404 level

MBCFX Forex & CFDs Brokerage Firm