The current ear/usd depreciation from 1.3835$ to 1.3511$ has created a good technical entry point.Key facts Strong postive pressure (OBV) Oversold levels of RSI and WIlliams %R are clearly identified Small period EMAs > large period EMAs EMAs
Small periodic exponential moving averages are moving above the large, EMA 50D>80D>100D e.t.c. This is a clear buy signal.
There is a stong positive pressure since December 12, 2013. The volume has increased from 264,318 units to 1,263,188 units. Buyers seem to overweight in the market
RSI - %R
Williams %R is -99.48 beaking the oversold level -80.00, whereas RSI is 38.11, very near to the oversold level of 30.00. The strenght of the trend has been on a downward momentum since December 18, 2013, now it has been already in the lowest strength momentum. The very low levels indicate that a very near upward correction will take place.
Open long at current price 1.3546 targeting 1.3622 (23.6 Fib. retrc. from 1.2756 - 1.3886, Intersection point of EMAs 30D -50D)
Posted-In: Forex Markets Best of Benzinga
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