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MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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EUR/USD: Break of the Hourly Support at 1.2891 Favours Further Weakness

EUR/USD broke its hourly support at 1.2891 (24/09/2012 low) yesterday. A further corrective phase is favoured and should lead to a test of the support at 1.2755 (11/09/2012 low, see also 38.2% retracement from previous rise) in the short-term. Hourly resistance is at 1.2971.

The lack of a base formation or sell-off suggests that the recent Euro strength is a rebound within an underlying downtrend. The current weakness near the 38.2% retracement of the decline from May 2011 to July 2012 suggests limited short-term upside potential and the start of a new down phase.

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