October 26, 2012

EURUSD Market Rhythm October 25, 2012

EURUSD Market Rhythm October 25, 2012

eurusd daily market rhythm

This is the market rhythm update on EURUSD. The MACD signal shows a V-top formation which indicated an aggressive price turn around. It is in-line with the emotion of the market, whereas the price already reached the EMA 365 resistance.

The EURUSD finally dropped after German IFO data showed that the business climate in euro zone is spiralling downward.

As for the MACD signal, it broke down zero. Means that the EURUSD potentially reached the 200 SMA at around 1.2830. A break lower may send the EURUSD down to SMA 89 at around 1.27.
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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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