As predicted yesterday, EUR moved higher and crossed its barrier briefly, touching a high of around 1.38534 but corrected back to around 1.38000 and hovering around 1.38100. The EUR still has the potential to cross the resistance of 1.38100 to 1.38300 provided it is able to sustain the levels of 1.38000 which has now become a crucial pivot point.

EURUSD

The hourly chart of EURUSD currency pair shows that EUR has conincingly crossed over the moving averages and is in a buy mode. EUR can be bought at the curent price keeping a strict stop loss of 1.37400. Any break below this price can see EUR falling to test its earlier lows of 1.36400. However it may be noted that EUR faces stiff resistance of 1.38100 to 1.38300 on its daily chart and it will be difficult to cross that level  

Knowledge

I have just started this blog to share my knowledge of technical analysis of commodities and international currency. I hope that with the help of my knowledge i will be able to improve the efficiency of novice traders.

This is a voluntary service and i am not charging a single penny for this. The information provided on this blog will be my own perception of the price movement of both the commodity and the currency, the viewers need to use their own discretion to follow it not.