Forex4you's Blog – January 2013 Archive (15)

EUR/USD: consolidation in uptrend

The EUR/USD pair has formed another sideways consolidation. Given the overall trend is up it will probably break higher. The next target is at 1.3625, followed by 1.3750 where resistance from a grouping of pivots kicks in. The cluster of lines at 1.3530 underpin current price action and any move down will probably find support there too.…

EUR/USD: breakout higher

The EUR/USD pair has broken out above the sideways consolidation it was in yesterday and continued moving up strongly. Initially it will probably reach 1.3525 where there is tough resistance and then probably 1.3625, which is the extrapolation from the trend-line break. Overall the uptrend remains intact and higher prices are expected.…

EUR/USD: temporary pull-back

Substantial resistance directly above price action from the 50, 100 and 200 monthly and weekly MA's at 1.3505, 1.3440 and 1.3525 respectively, could lead to a temporary pull-back. The weakness this morning will probably continue with a target at the top of the range at 1.3400. The bull trend will probably resume eventually, however, with an initial target of 1.3525 followed by 1.3850.…

EUR/USD: consolidating under resistance

The EUR/USD pair is consolidating after re-touching the 1.3400 highs. There is a lot of overhead resistance and it will probably fall temporarily with a target at the range lows at 1.3250. Eventually the bull-trend will probably re-assert with a decisive break above 1.3410 leading to a continuation up to 1.3490. There is substantial resistance from the 50-month and 200-week MA's around 1.3520, which could stall further…

EUR/USD: wave 5

The EUR/USD pair has corrected back to the 38.2% Fibonacci line and then bounced. It is possible the bounce could be an Elliot wave 5 which could re-touch the 1.3400 highs. A decisive break above 1.3325 would provide added confirmation and see a run up to the monthly pivot at 1.3356 and then 1.3400. Alternatively, a move back down to the 38.2% line at 1.3255 is also possible if a range-bound consolidation unfolds.…

EUR/USD: meeting support

EUR/USD has fallen heavily to support and resistance in the1.3260s. It will probably fall further, with the nearby 1.3255 level as the next target down where the 38.2% Fibonacci line and the weekly pivot are clustered. This could be the Elliot wave 4 of the up-move and it will probably end soon with wave 5 retouching the 1.3400 highs, although the monthly pivot at 1.3356 provides an initial target higher.…

EUR/USD: consolidating in up-trend

Eurodollar has rallied up to tough resistance from an old trend-line and the 100 week and 100 month MA's situated at 1.3390 and 1.3415 respectively. It has since pulled back and started consolidating in a range. Overall the bullish trend is intact so a push above the highs and rally to 1.3500 is probable. Alternatively, a move below 1.3330 could see a sell-off down to 1.3270.…

EUR/USD: consolidation in uptrend

The EUR/USD rallied strongly yesterday. Today we have had some sideways activity. A decisive break above the range highs at 1.3282 would probably see another bullish leg first to the 1.3307 highs and then even higher to 1.3356, as a much higher eventual upside target is expected in the 1.39s. If the range lows at 1.3248 are broken a move lower could reach to perhaps the trend-line at 1.3170.…

EUR/USD: recovery possible

A recovery out the current consolidation is probable, with a move above the 1.3080 highs confirming and leading to a move back up to the cluster of pivots located at 1.3115, or even the support and resistance line at 1.3160. Alternatively a break below the 1.3040 lows could see a move down to the trend-line at 1.3010 or possibly the 50-day MA at 1.2975.…

EUR/USD: boxed in

The EUR/USD pair is consolidating in a narrow range today although the mid-term trend remains up. A break above the 1.3093 highs could lead to rally to a tight group of pivots at 1.3120, with a break above those levels necessary for a reassertion of the bull trend. A move below the 1.3055 lows could see a move down to the 1.3000 lows, whilst a major trend-line provides support at around 1.2970.…

EUR/USD: sideways day

The short-term trend is still up after the recent break of the neckline of an inverted head and shoulders and more upside is probable eventually. Today's action, however, is sideways and could continue oscillating. A move above 1.3140 would signal a continuation up to 1.3245, whilst a move below 1.3100 could see a break back down to 1.3050.…

EUR/USD: moving lower

Eurodollar has renewed its down-trend after touching resistance from an old trend-line. It will probably fall further, reaching perhaps down to recent 1.3000 lows and probably even to where the 50-day MA and a major trend-line are situated at 1.2960. Alternatively, a break above the 1.3060s would be necessary for an up-trend to develop, later targeting resistance at 1.3100.…

EUR/USD: downtrend continuing

The exchange rate has broken out the price pattern at the highs and reached its downside target at 1.3015. There are, however, no signs yet of the down-trend slowing and so it could continue to the next level of support at 1.2960, where the 50-day MA is situated. Alternatively, a sideways consolidation may unfold, followed by a bounce perhaps, with a decisive break above 1.3050 then targeting 1.3115.…

EUR/USD: possible breakdown

There has been a break down out of the price pattern at the highs and whilst the pair has recovered, it is probable a trend reversal down may be happening. The monthly pivot at 1.3115 underpins support and would have to be decisively breached to give a stronger bearish signal, with a target first at 1.3080, and then 1.3015. Alternatively it would require a break back above 1.3195 to re-establish a bull trend with the range highs at 1.3300…

EUR/USD: At range highs

The EUR/USD has risen strongly to the range highs and the weekly pivot. There is the possibility, either of a break higher, with a decisive break above 1.3300 leading to to a move up to the monthly pivot at 1.3355 and then 1.3400. Alternatively, it could continue consolidating and move back down into the range, targeting 1.3220 support initially and then range lows perhaps at 1.3180.…