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S&P 500 Collided With Hard Resistance, What About Euro?

Publish Date14/12/2012 09:23:48 AM

Last Update16/12/2012 09:36:05 PM

S&P 500 Collided With Hard Resistance, What About Euro?

 

Examining the history of S&P and EUR/USD daily graphs, we find prices of both moving in the same direction again, as accustomed, since first of May and after nine months of contraction.

Although fundamental impulses were behind such technical contradiction, seen on the graph, we are to put them aside and address this technically.

 

 

Click on the image for a larger view

 

Looking at the S&P 500 graph, we can see that the price actions are faster than those of the euro. We are able to point out that the index has touched a very hard technical obstacle, the resistance line connecting movements from 1466.00, and it succeeded in forcing the index to inch lower in the past two days.

Meanwhile, the EUR/USD pair is on its way to retest the wide horizontal resistance zone between 1.3125 and 1.3145, which could limit the upside movement similar to what happened to the S&P.

To recap, the S&P has reacted bearishly after experiencing solid resistance and the euro may also react negatively.


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