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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: Challanging Support Area

EUR/USD continues to weaken since its 18 October high. It is now challenging the support area implied by its rising trendline and 1.2891. The hourly resistance is given by the short-term declining trendline (around 1.2970).

Even though the long-term trend is still negative (see declining trendline linking the May 2011 high with the August 2011 high), we need to see a break of the support area between 1.2804 (01/10/2012 low) and 1.2748 to suggest that the rise from 1.2043 is over.

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