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Monday, August 19, 2013

EUR/NZD TECHNICAL ARTICLE ON AUGUST 19





In the trend of EUR/USD, the pair has been noted by its terrific downtrend after the runaway gap occurred on August 4. This tremendous movement has gained around 750+ pips and it is really a notable trend. 

The market behavior examines the downtrend has been focusing its past support of 1.62226 on July 10. The technical analysis is very clear with this and it precisely shows its downtrend. 

By this sequential downtrend, the price has been sailing in the oversold. But the market will expect some more short to hit the predicted support. 

Perhaps, in the meantime, the long will happen to touch its resistance of 1.64615. If not, the trend just continues with the short which we can strongly believe over the predicting support. 

Rather than main support, the trend will surely reach the possible support of 1.62813.

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