FX.co ★ EUR/USD Technical Analysis Monthly Review for January 3rd/2011

MONTHLY REVIEW :

In the monthly charts the EUR/USD has formed a triangle, it means this pair will soon make a big move, nevertheles this pair is now in a ranging situation, which is indicated by the fact the EUR/USD has traded between the EMA 5 & EMA 21, and the RSI(13) value has been betwee 40 and 60 (Now at 48; it means the market in a sideways period (monthly charts). Besides the Previous Candlestick (December) has already closed within the body area of the November Candlestick. It means that the Bearish situation in November is no longer applying for this pair. so We predict this month the EUR/USD will be trading in the range between 1.2970 and 1.3497.