12 Feb Euro At Long Term Resistance Levels In All Major Pairs; 13th February 2013
Just flicking through the charts tonight and I happened to notice the Euro is at or very near some major long term resistance levels across nearly all its pairs.
On its own this scenario is no guarantee of a reversal but its a solid sign that there will likely be some good trades from most of these charts sometime in the near future. Whether those trades are on the long side following breakouts or on the short side following confirmation of price rejection is unclear at the moment so the key is to watch for clues ahead of trading the strongest/weakest one of the lot. EUR:NZD isn’t pictured here as it’s arguable whether its currently at resistance but it could be the pair to watch for clues because EUR is generally its weakest against the NZD so a break down would be accelerated on this pair, whilst a break up could be a great indicator of Euro strength ahead of entering a long Euro position on one of the pairs listed below.
Here are the charts as they stand.
In the meantime….let’s watch and wait!
If I choose to enter a position in one of the above pairs, I’ll post details in the comments section below this post ahead of providing a full detailed analysis as soon as I’m able to.