European Forex Technicals: EUR/USD Pausing For Breath
28 Sep 2010, 08:24
By Francis Bray
A DOW JONES NEWSWIRES COLUMN
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2010-09-28_European Forex Technicals (08h24 CET) 001.pdf (12.5 KB)
Intraday EUR/USD: Stages a recovery off 1.3425 to threaten the 1.3493 lower high, and Monday's five-month high at 1.3507. 1.3507 represents the 50% Fibonacci retracement level of the dominant 1.5145/1.1876 bear wave, and while 1.3493 caps, there is scope for a correction back towards 1.3425 and 1.3350. Failure to keep 1.3493 and 1.3507 intact would highlight the strong underlying bull momentum, creating scope for further gains towards 1.3590 and the April 12 lower high at 1.3692.
Weekly chart EUR/USD trend: Bullish.
Intraday USD/JPY: Consolidates close to Monday's bear trap low at 84.11, which is likely to face a retest. A break below 84.11 would highlight the dominance of the prevailing bear trend, prompting further weakness towards a downwave equality target at 83.72. A break above 84.35 is needed to strengthen the 84.11 bear failure low, opening 84.65.
Weekly chart USD/JPY trend: Bearish.
Intraday GBP/USD: Monday's hanging man candle threatens downside consolidation off the 1.5866 high, after failing to secure a foothold above 1.5800. However, support at 1.5788 needs to be broken in order to extend the correction back towards the 1.5715 area. A break above Monday's high at 1.5866 would put bulls firmly in control of the near-term, opening the wave equality target at 1.5937.
Weekly chart GBP/USD trend: Bullish.
Intraday USD/CHF: Bear pressure is building on support at 0.9817, and is threatening to prompt a retest of last week's 30-month low at 0.9778. Loss of 0.9817 would leave Monday's high at 0.9872 as a bull failure, and the dominant bear trend would have scope to extend below 0.9778 towards projected targets at 0.9744 and 0.9625. Only a break above 0.9872 would lift the tone, opening 0.9900 and potentially 0.9975.
Weekly chart USD/CHF trend: Bearish.
;-)
28 Sep 2010, 08:24
By Francis Bray
A DOW JONES NEWSWIRES COLUMN
http://cdn.forexfactory.com/images/attach/pdf.gif
2010-09-28_European Forex Technicals (08h24 CET) 001.pdf (12.5 KB)
Intraday EUR/USD: Stages a recovery off 1.3425 to threaten the 1.3493 lower high, and Monday's five-month high at 1.3507. 1.3507 represents the 50% Fibonacci retracement level of the dominant 1.5145/1.1876 bear wave, and while 1.3493 caps, there is scope for a correction back towards 1.3425 and 1.3350. Failure to keep 1.3493 and 1.3507 intact would highlight the strong underlying bull momentum, creating scope for further gains towards 1.3590 and the April 12 lower high at 1.3692.
Weekly chart EUR/USD trend: Bullish.
Intraday USD/JPY: Consolidates close to Monday's bear trap low at 84.11, which is likely to face a retest. A break below 84.11 would highlight the dominance of the prevailing bear trend, prompting further weakness towards a downwave equality target at 83.72. A break above 84.35 is needed to strengthen the 84.11 bear failure low, opening 84.65.
Weekly chart USD/JPY trend: Bearish.
Intraday GBP/USD: Monday's hanging man candle threatens downside consolidation off the 1.5866 high, after failing to secure a foothold above 1.5800. However, support at 1.5788 needs to be broken in order to extend the correction back towards the 1.5715 area. A break above Monday's high at 1.5866 would put bulls firmly in control of the near-term, opening the wave equality target at 1.5937.
Weekly chart GBP/USD trend: Bullish.
Intraday USD/CHF: Bear pressure is building on support at 0.9817, and is threatening to prompt a retest of last week's 30-month low at 0.9778. Loss of 0.9817 would leave Monday's high at 0.9872 as a bull failure, and the dominant bear trend would have scope to extend below 0.9778 towards projected targets at 0.9744 and 0.9625. Only a break above 0.9872 would lift the tone, opening 0.9900 and potentially 0.9975.
Weekly chart USD/CHF trend: Bearish.
;-)
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2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts