EURUSD

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2010-08-05_European Forex Technicals (08h35 CET) 002.pdf (12.7 KB)


European Forex Technicals: CHF To Lose More Ground

By Francis Bray



Intraday EUR/USD:


The push below 1.3183 extends the corrective setback off Tuesday's high at 1.3262, and is looking to test the range floor at 1.3105. However, only a break below there would upgrade the setback and expose the 1.3056 area. Regaining ground above 1.3183 would lift the tone and re-open the 1.3241 lower high, which protects 1.3262. The significant 200-day moving average lies in this area, and a fresh wave of bull pressure is required to force a break through 1.3262, opening 1.3365.


Weekly chart EUR/USD trend: Bullish.



Intraday GBP/USD:


Resistance at Tuesday's 1.5966 high held Wednesday to prompt a corrective setback to test support at 1.5863. Bear pressure is building here to threaten a deeper setback towards 1.5810, although the 1.5750 area will look to limit downside scope. A break above 1.5940 is required to re-open the 1.5966 high, which stands in front of the psychologically-important 1.6000 level.


Weekly chart GBP/USD trend: Bullish.


und tschüss

my 4h chart:



trend line has been touched 4 times, so IMO, break out is more possible than continuation.

how about the update to that now, 100% lower low and your predicted low was touched.

Paul thnx for the answer, but i meant the letters on the left side on the chart? I know that S1 is support and R1 is resistance but what is M1?

No......They represent the "Mid" level pivot points. Not typically as strong as the regular level pivot points but should be respected as well.

The bias is to the downside for intra day trading for me but ahead of couple news release ahead, I think it is best to see if this pair making at least a retrace or sideways movements before showing the real move.

http://www.actionforex.com/action-insight/eurusd-outlook/eur%10usd-daily-outlook-20100805119398/

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.3114; (P) 1.3177 (R1) 1.3223; More.

EUR/USD's break of 1.3146 minor support suggests that a temporary top is in place at 1.3261. Intraday bias is mildly on the downside for retreat to 4 hours 55 EMA (now at 1.3068) and below. Though, near term outlook will remain bullish as long as 1.2731 cluster support (38.2% retracement of 1.1875 to 1.3261 at 1.2732) holds and another rise is still in favor. ABove 1.3261 will target o 50% retracement of 1.5143 to 1.1875 at 1.3509 next.

In the bigger picture, considering bullish convergence condition in weekly MACD and the strength of the rebound from 1.1875, correction from 1.6039 might be completed at 1.1875 already. Focus now turns to 55 weeks EMA (now at 1.3440). Sustained trading above there will affirm this case and target upper trend line resistance (1.6039, 1.5143, now at 1.4708). On the downside, though, break of 1.2731 will indicate that a short term top is at least formed and will turn focus back to 1.2149/2466 support zone to determine whether medium term correction from 1.6039 is still in progress.

Hope this helps

Nice bull trap to grab hourly gain. lets see if it works

now when I see a short bias across the board, I'm pretty sure there will be continuation

I couldn't agree more. That is why for me it is best to wait and see until at least an hour after news release on ECB press conference. Specially since this pair is somehow having a hard time penetrating 4H TL.

Hey ... I just saw your question ... minute pivots is BS of course ... indeed it is meant the intermediate points between R3; R2; R1 ; Central PP; S1; S2; S3 etcetera...

Between that there are M0; M1; M2 etc.

There are many websites with good explanation. This is not a good place to discuss such things. Most participitiants haben keinen Funken Ahnung...

Sorry - I have not much time for this here. Just google around - you will find megatons of good explanation. How to calculate and so on - and many many hints more...


bibib

1.0100 USD/CAD today???

as long as im on the train

possible sell here will wait what happens...

zivio miha dobrodosel- welcome

view daily wedge be careful

anything is possible

I wish I have time machine

Interesting. Market appears to have found buyers here.

i got a used one i could sell ya. send me cash. 100k should cover it plus shipping and handling.. allow 4 to 6k weeks for delivery.

i was one of them but closed with -15 pips.... what a bastard