EUR / USD: Consolidation with internal bars on the 38.2% Fibo level, 3/2/2012
The euro is against the U.S. dollar and based on the daily charts in the correction phase of a downward trend and reached in the previous week, the 38.2% Fibonacci level. At this level, the consolidated euro later this week and left behind a series of internal rods. The range of the outer rod was marked with the daily candle from last Friday and extends from 1.3077 to 1.3234 USD. As long as this range is not overcome by closing price, interior bars are probably more, who can typically hold tenaciously and then be accompanied by an indecisive trading, characterized by false breakouts. Therefore only a daily closing price is outside this range may indicate whether the correction continues, or starts a new phase of movement. Impetus for the further price development and increased volatility are possible today with the following industry events:
11:00 EU Retail in December
14:30 U.S. unemployment rate in January
14:30 U.S. ex-agricultural workers in January
14:30 U.S. hourly wages in January
16:00 U.S. December Factory Orders
16:00 U.S. ISM Services Index January
EURUSD 03/02/2012 - daily
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