EURUSD

European Forex Technicals: GBP Gathering Some Strength

24 Sep 2010, 08:10
By Francis Bray
A DOW JONES NEWSWIRES COLUMN

London (TRADING Central)



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Intraday EUR/USD: Bulls will look to extend the recovery off Thursday's low at 1.3286 by forcing a break above resistance at 1.3356. The 1.3286 level would become a near-term bear failure on a break above 1.3356, creating room for further gains to the 1.3415 lower high, and leaving Wednesday's peak at 1.3441 vulnerable. Only a break below 1.3286 would put bears in control of the near-term, exposing 1.3160 and 1.3100.

Weekly chart EUR/USD trend: Bullish.



Intraday USD/JPY: Resistance at 85.50 is being challenged following the corrective recovery off Thursday's 84.26 low. Forcing a break above 85.50 would open the recent 85.94 highs, threatening to form a bull wave extension towards 87.00. A push below 84.51 is required to bring the dominant bear trend back into the picture, exposing 84.26.

Weekly chart USD/JPY trend: Bearish.



Intraday GBP/USD: Bulls still remain in control of the near-term, and the main threat is for renewed bull pressure on Thursday's high at 1.5741. A break above 1.5741 would extend the rally off Tuesday's reaction low at 1.5505, prompting further gains towards the 1.5835 area. Only a break below 1.5615 would question the positive outlook and expose 1.5505.

Weekly chart GBP/USD trend: Bullish.



Intraday USD/CHF: Stages a tentative recovery off 0.9805 Thursday, but is struggling to break through resistance at 0.9883. Even so, a break above 0.9901 is required to lift the tone and open the 0.9965 area. Failure to hold 0.9833 would bring the focus back onto the 0.9805 low, threatening fresh 30-month lows towards 0.9745 and 0.9625.

Weekly chart USD/CHF trend: Bearish.


;-)

I would rather say we are a mold on the face of the earth, which will be healed, in some reasonable time.

you mean EUR/USD below 1.00 ?

thanks

it's not possible mate

I traded Euro at 0.8 ....................and will do it again.

Yeah, well the question is if we want to be a part of that healing, i plan to be. The fate or Rapanui and many other civilisations is intersting, overusage leads to annhilation. Bigger empire is no matter, the same applies.

Below 3306 we are bearish...flat movement cannot validate safe trade setups. I would expect the price to jump to 3351 so we could have a good range setups 3351-3382 adding to shorts if below 3351 and adding to longs above 3382.

3306 is the level to watch..its a good support and below it 3250 is a possible target

Kate Barker’s comments come two days after policy makers signaled in minutes of their September meeting that they may opt for more stimulus to kick-start the recovery, aligning themselves with the Federal Reserve’s stance.

This news is bearish for euro, if german numbers are below power we could see a sell off

IFO may do the job

I could eaisly bet a 10 lot position that said stimulus will not have much effect.

boom 40 pips up

just added to short

look like this one is aiming for the stars.

well i must say Im really pleased atm

boom i got stopped out -20

bullish 5min candle

retest of fib

5 min too low of TF for me now/not scalping

How many pips pleased ? I'm long since 1.3331. And I will be really please @ 1.341.

Did we hit a wellknown S/R (that i dont know about) when it stopped?