| Videos | Channels | Search |
Charts: Just how high can the euro go?
With the euro trading near a 2 year high against the dollar analysts are
now talking about $1.40 and whether it can break through. The charts suggest it can. Technical analyst Kim Larsson says if we look at the monthly
chart of EURUSD we can see it formed a descending triangle like formation.
"It is not textbook perfect but still we can see that the 200 monthly
moving average has provided repeated support.” Now EURUSD is building up
a bullish trend on a daily, weekly and monthly basis and is set to test the
upper trend line in the triangle, around 1.40. Kim says that level could be pivotal
for the EURUSD on the longer term.
If EURUSD gets rejected at the falling upper trend line it could fall back to
test the lower trend line at around 1.20. But if it breaks through then EURUSD
is set for 1.50 in 2014 and a test of the two peaks in 2009 and 2011. Kim
is quite convinced that the latter scenario will unfold and explains his reasoning here.
01:45 minutes
Tags: charting forex, charts, dollar, dollar outlook, eur, eur usd, euro, euro 1.30, euro 1.40, euro 1.50, euro dollar strength, euro outlook, euro record, euro strength, euro techical, euro trend, eurodollar, eurusd, foreign exchange, forex, formation, fx, how high euro, kim cramer larsson, news, saxo, saxo bank, saxo tv, saxotv, technical analysis, tradingfloor.com, trend, trend line, triangle, usd, usdeur, video