Forex4you's Blog – January 2011 Archive (19)
Forex4you Technical Analysis 31 January 2011
This pair fell quite heavily after touching the major trend line of the June rally last week. In Elliot wave terms the fall is probably a 4th wave of the larger wave up from the lows reached on the 17th Jan. This suggests that when it has completed, wave 5 will rally back up again to either the 1.3760 highs or higher to around 1.3800. Before then, however, there is good possibility that this move down will continue a little, to either match… Continue
Added by Forex4you on January 31, 2011 at 7:01am — No Comments
Forex4you Technical Analysis 28 January 2011
Little changed in the structure, the price is consolidating in a sideways range, although it did manage to test a new local maximum at level 1.3755, which gives more reasons to expect the "bulls" to continue their trend and even reach target 1.3780/1.3800. Indicators show, that the "bullish" potential is weakening, suggesting a large-scale pullback downwards, as soon as the above mentioned level is tested. A decline below support level… Continue
Added by Forex4you on January 28, 2011 at 7:03am — No Comments
Forex4you Technical Analysis 27 January 2011
This pair has risen to touch the underside of the old trend-line from the June lows. It has been unable to penetrate above however, and this morning a sharp sell-off brought prices down to 1.3637 breaking the trend-line of the move from Jan 10 lows in the process. A recovery rally has brought prices back into the range in the 1.3680s. I think it is unlikely the move down is complete and a ‘C’ leg might unfold with a target of 1.3610 where… Continue
Added by Forex4you on January 27, 2011 at 7:02am — No Comments
Forex4you Technical Analysis 25 January 2011
This pair pulled back and continued rising yesterday as anticipated. It has now reached a substantial support and resistance level at around 1.3680 which is just short of the old major trend-line from the June lows which lies at 1.3720. It has begun correcting quite steeply from there and there is a rare and bearish Demark buy setup signalled today. It is probable the correction has further to go and will reach the trend-line for the whole… Continue
Added by Forex4you on January 25, 2011 at 7:07am — No Comments
Forex4you Technical Analysis 24 January 2011
We have had another retracement this morning which looks like it still has lower to go. A possible target for the drop could be trend-line support at 1.3525. After that it is likely the uptrend will resume perhaps reaching the substantial resistance levels in the 1.37s. There is also a small possibility that this fall is part of a larger reversal which could break lower and target support and resistance in the 1.3440s.…
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Added by Forex4you on January 24, 2011 at 7:14am — No Comments
Forex4you : Daily Technical Analysis - 21 January 2011
It’s curious but this pair looks like it has reached a top and – according to my count – has completed 5 waves up from the Jan 10 lows and yet it still stubbornly continues to rise. Today’s rally on low volume, however, is a sign of lack of conviction and could presage a decline. But the latest wave up from yesterday’s 1.3400 lows is too complex to indentify and gives us no clues as to future action. The 1.3575 50% fib line and the R1… Continue
Added by Forex4you on January 21, 2011 at 6:57am — No Comments
Forex4you Technical Analysis 20 January 2011
The price continued to correct within the current maximums and failed to breach level 1.3500 and fix above, after which it pulled back downwards to 1.3430/20. However, the price is currently rising again, residing at the moment around level 1.3470/80. Indicators are turning up again, although MACD divergence suggests to be cautious and be ready for the upcoming large-scale correction. Besides, the "bears" have failed to bring the trading… Continue
Added by Forex4you on January 20, 2011 at 7:06am — No Comments
Forex4you Technical Analysis 18 January 2011
The pair yesterday's decline turned out to be a correction within the up trend. The price recommenced its growth, so the trading is currently carried out at level 1.3420/30, very close to the local maximum. Indicators turned abruptly up, suggesting to expect further growth. Nevertheless, resistance levels are strong, so reversal to support 1.3240/50, i.e further sideways correction, is also a possibility. Range 1.3500-1.3450 breakout with… Continue
Added by Forex4you on January 18, 2011 at 7:04am — No Comments
Forex4you Technical Analysis 17 January 2011
Something of a reversal occurred at the 1.3250 highs and the exchange rate has fallen sharply overnight. There is a head and shoulders top pattern on the hourly chart which has broken its neckline and has a downside target of 1.3180. This coincides with a support level at 1.3170. In Elliot terms this may be a wave 4 correction of the rise from the 10th, so once the exchange rate finds support it may rally back up to the highs again in a… Continue
Added by Forex4you on January 17, 2011 at 7:14am — No Comments
Forex4you Technical Analysis 14 January 2011
The rally continues higher. It broke the 4th January highs this morning and rallied up to 1.3450. There is considerable resistance at this level from old highs reached on the 3rd and 14th December, and the 4th and 14th January, completing almost cyclical 2-weekly tops, and also from the bottom of the Ichimoku cloud. It is possible there could be a correction from here but before that there is the chance of a final rally. We look like we are… Continue
Added by Forex4you on January 14, 2011 at 6:59am — No Comments
Forex4you Technical Analysis 13 January 2011
The "bulls" breached resistance at 1.3060/80 and level 1.3150 is about to be tested as the next resistance. Its breakout will indicate a medium-term "bullish" trend, like it has been mentioned in the previous analysis. Indicators say in favor of a breakout and suggest to expect the next stop at level 1.3230/50, considered previously as the key level on the way up. If it's breached, we'll be anticipating a strong "bullish" potential and… Continue
Added by Forex4you on January 13, 2011 at 8:11am — No Comments
Forex4you Technical Analysis 12 January 2011
The price breached the sideway correction range 1.2980/90 and it currently resides at level 1.3030/40. Indicators are turning upwards, suggesting to expect further growth. Although there is a strong resistance on the "bullish" way - level 1.3060/80, that is strong enough to stop growth and bring the price back to a down trend. Nevertheless, if the barrier is breached, level 1.3150 will be tested - if it's breached too, we'll be expecting a… Continue
Added by Forex4you on January 12, 2011 at 7:54am — No Comments
Forex4you Technical Analysis 11 January 2011
The EUR/USD pair bottomed and bounced back up to highs of 1.2990 yesterday but has started falling again this morning, after encountering resistance from an old trend-line from the November highs. The MACD is showing that yesterday’s correction could be an Elliot wave 4 of the wave down from the 4th January highs – with the wave 5th still to come. This wave could target 1.2850 initially, and then support at the 1.2750 level from the monthly… Continue
Added by Forex4you on January 11, 2011 at 7:12am — No Comments
Forex4you Technical Analysis 10 January 2011
EUR/USD is still falling and whilst there is some convergence with momentum at the lows, it is a little too early to say a substantial correction is on the horizon. If a correction does rise up from here, then an initial target would be the old trend-line and support and resistance level in the vicinity of 1.2950, or if higher then near the 200 Day MA at 1.3050. There will probably still be a fall afterwards, however, given the move down… Continue
Added by Forex4you on January 10, 2011 at 7:06am — No Comments
Forex4you Technical Analysis 07 January 2011
This pair has started a strong move down, breaking down below the November 30 lows at 1.2968 this morning. The new low is a key technical achievement and a very bearish sign. Currently the exchange rate is consolidating in a range at just above that level but it will probably go down further once the consolidation is complete. 1.3020 would be an initial target for the end of the rebound, although if it is particularly strong then the monthly… Continue
Added by Forex4you on January 7, 2011 at 8:20am — No Comments
Forex4you Technical Analysis 06 January 2011
There is a strong possibility of the bounce from here. The exchange rate has reached trend-line support at the lows and there is every chance it may start to rally from here. From an Elliot wave perspective we still appear to be in wave 3 down with perhaps the beginnings of a wave 4. An initial target for the rally might be 1.3170 with a distinct possibility of a follow through to support and resistance at 1.3250 thereafter.…
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Added by Forex4you on January 6, 2011 at 7:13am — No Comments
Forex4you Technical Analysis 05 January 2011
This pair rolled over from its highs in the 1.3430s yesterday and then fell to lows in the 1.3230s. It has probably reached a level now where it may begin correcting the decline and the move down looks complete. There is the potential for a counter-trend push back up to the 1.3320s before any further downside. The support and resistance levels and trend-line in the 1.3150 area could well provide a bearish target if there is a move down after… Continue
Added by Forex4you on January 5, 2011 at 7:00am — No Comments
Forex4you Technical Analysis 04 January 2011
The current rally from the December 29 lows appears quite complete although the final wave which started yesterday would normally be expected to be longer. An old trend-line from the October highs appears to be preventing its progress however. It is quite possible the exchange rate will still rally a little bit higher to old resistance highs and the 50-day MA at around 1.3445 – possibly even higher. Alternatively a correction from here… Continue
Added by Forex4you on January 4, 2011 at 7:11am — No Comments
Forex4you Technical Analysis 03 January 2011
The exchange rate has temporarily halted its rise and pulled-back from the highs reached at the end of last week. This correction is probably either an Elliot intermediate B wave before a C leg higher or a 4th wave – but either way the decline is likely to stop soon and begin rising again. It could match the recent high or go slightly further to the 50 day MA at just above 1.3450. A stronger rally might be expected to reach the underside of… Continue
Added by Forex4you on January 3, 2011 at 7:17am — No Comments
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