EURUSD

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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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.



;-)

my dirty 3h chart:

starts at 3211

...btw...seems GBPUSD is leading EURUSD again today.

gone short at 1.3418

thanks

13337 I'll close 1/2 of the 50% I have remaining/leaving me with 25% of total trade I started with before the price shot down some.

it is touched. it is my 100M at 1h

0707 GMT [Dow Jones] EUR/USD, EUR/JPY fall as European names entering market sell common currency amid renewed speculation that financial sector issues in euro-zone countries could flare up again, says senior FX dealer at major European bank. EUR/USD last 1.3410, down from intraday high at 1.3473; tips support at 1.3330. EUR/JPY at 112.86, from earlier high 113.50; tips support at 112.30.

If broke 1.3380 add another short, i think it's strong support

resistance at 3367

Precisely. The original quote meant to suggest that if you want to trade you ought to take it seriously, in other words traders should make every effort to learn what they are trying to do. And of course, I never meant to suggest that you need 10000 light chariots capable of traveling a 1000 li.

Sorry, if you found the comment superfluous. I find it is worth reminding myself once in a while.

It is time for some bulls now

Everything in that quote is "Original",.......... it does not come from Sun Tzu ............. Just copied his style Don't take it seriously.

we have a double-bottom on M1, now the bulls should step out if they want to stand a chance.

Guess we were both correct as always...

not just yet

y?

and double top on 5sec - very strong bearish sign.

Originally Posted by PriceVolume http://cdn.forexfactory.com/images/buttons/viewpost.gif
I'd like to see 3235ish before jumping on a long......but no, you're not the only one here that thinks weakeness will be seen before possible further strength.


Look for the price to turn at 1-2 pip before that there/always a 1-2 pip game