EUR/USD Fundanmental In Tuesday morning, Bernanke made a speech titled "Fostering Financial Stability" at Federal Reserve Bank of Atlanta Financial Markets Conference. But he did not mention the current state of the economy and QE3. Comparing the statement between Europe and US, the investors worry about Europe further, because the soft data can not support EURO strong.It is reported last week that the Manufacturing PMI in Europe have kept the level below 50 in eight months, and the unemployment rate is 10.8% which is the highest from Eurozone founded.Furthermore, in Spain it's benchmark 10 year yield rose to highest level since early December and is heading to break 6% level and its unemployment rate reached 23.6% in March. Then the rational market chooses sell EURO after the long weekend. After a soft rebound the EUR/USD proceeds stably while fluctuating in the narrow range between 1.3053 and 1.3138. In the next 24 hours, we should keep focusing on speech of several Fed officials and Fed's Beige Book. Technical Daily Charts Trend: go down after fluctuating in narrow range There is a fluctuation in range which is from 1.3003 to 1.3485 after the price rebounded from 1.2610 to 1.3485. On Tuesday the price still fluctuated and the range is only 83 pips, which is between 1.3053 and 1.3138. It will probably fall and touch the 1.2898, which is around the downside of the red channel , by the weekend. 4 Hours Charts Trend: go down after fluctuating In the last 24 hours, the price have kept below the Fibonacci 38.2% retracement which is 1.3169.If it keeps this level to London session on Wednesday, the price will fall to touch 1.3049 , even to 1.2954.The red trend line which is the upside of the red channel will be the strong resistance against the price. Resistance Level: 1.3156 1.3169 1.3209 1.3249 1.3282-99 Support Level: 1.3082 1.3049-55-61 1.3022 1.2998 1.2954-59 Trend Range: from 1.2954 to 1.3299 Trading Suggestion: Open a short positon referencing the resistance Level in short term . Keep short positons which opened above 1.3299 Horizontal Line legend Retacement: Bold Firebrick: Level 1 Fibonacci retraceable target Bold Tomato: Level 2 Fibonacci retraceable target Tomato: Level 3 Fibonacci retraceable target Bold Green: Level 4 Fibonacci retraceable target Green: Level 5 Fibonacci retraceable target DarkSlateGray: Level 6 Fibonacci retraceable target DarkGoldenrod£: Level 7 Fibonacci retraceable target Expansion: Bold LightSeaGreen: Level I Fibonacci expansible target Bold Purple: Level II Fibonacci expansible target Purple: Level III Fibonacci expansible target Blue: Level IV Fibonacci expansible target Navy: Level V Fibonacci expansible target Pink: other important target [ 本帖最后由 aikws2008 于 2012-4-11 09:43 编辑 ]20120411-EU-d.jpg20120411-EU-4.jpg