Forex4you's Blog – May 2011 Archive (11)

EUR/USD: Technical Analysis

 

After yesterday's pullback, the EUR/USD shot up today reaching the 1.44s. There is now considerable resistance overhead and the exchange rate will probably fall back down to support at 1.4370 before possibly making another move higher. The point and figure 0.001x3 chart gives a target of 1.4670 – but there is a support and resistance level at 1.4530 and the channel line at 1.4450 which provides a nearer term…

Continue

EUR/USD: Technical Analysis

The price kept on ascending up to 1.4330/40 resistance - 38.2 fibo from 1.4940 level. And at the moment its making attempts to test this barrier, after it has failed to breach it and pulled back downwards. So it now resides at 1.4290/80 level, ready for another attack. Indicators say in favor of further growth, which gives enough reasons to expect the "bullish" scenario to commence - on case 1.4330/40 level is breached, we'll be…

Continue

EUR/USD: Technical Analysis

The EUR/USD pair is still rising in a counter-trend rally. Given the trendline break today a continuation higher is probable, with a target at resistance at 1.4340. A drop, however, could find support at 1.4135. There are no active counts on the point and figure charts indicating a possible balance of forces and the onset of a consolidation move.…

Continue

EUR/USD: Technical Analysis

The EUR/USD has contiued correcting the previous wave down and rallied higher, reaching almost 1.4200 after breaking above the 1.4092 level as forecast. There is a point and figure target higher at 1.4230, which could be reached but nothing above that. The uptrend seems neither particularly weak nor strong so it could continue higher or begin reversing. The correction as a whole has returned 61.8% of the previous decline, it has just…

Continue

EUR/USD: Technical Analysis

Previous growth was halted by a strong resistance around 1.4120/30 levels, so the trading pulled back downwards. The price now resides at 1.4070/80. Indicators are still turned up, but only in R% and MACD, SS looks neutral.  Therefore, we should probably expect further correction, thought "bearish" trend is now dominating. When correcting, the price is also likely to test 1.4200/20 resistance level - downtrend channel (red) line. At…

Continue

EUR/USD: Technical Analysis

 

The pair bounced off support as anticipated and although it has been rising it is now close to resistance from trendlines sloping down and may pull back to support at 1.4025. From there, there is the possibility of another rally with 1.4140s as a possible end target given that both the 0.001x3 and the 0.0005x3 charts are showing upside targets to that level.…

Continue

EUR/USD: Technical Analysis

Previous forecasts, predicting that 1.4340/50 resistance level would be a significant barrier for the price, came true. Having reached 1.4345 level, the price reversed downwards, so it's currently testing a new local minimum at 1.4000/10 level, mentioned as one of the target levels in the later analyses. Indicators are also turned down, suggesting further decline. However, 1.4000 level is deemed as a significant support level, which…

Continue

EUR/USD: Technical Analysis



The EUR/USD pair has rebounded from yesterday's lows but it will probably resume its downtrend soon given the lack of long upside counts to support a stronger recovery. Only horizontal counts are available yielding upside targets of 1.4370 and then 1.4550 on the 0.001x3 chart (below). The downside target to 1.3900 is still valid and could still be realized, and it would require a rally above 1.4440 to negate it. It is therefore probable the… Continue

EUR/USD: Technical Analysis



1.4400/10 resistance level halted the "bulls", so the price recommenced its downtrend, tested 1.4170/80 levels and currently resides around 1.4220/30.  Indicators are bearish, which gives enough reasons to anticipate a soon test of target 1.4060/00 level, mentioned in the previous analysis. Taking into account present market developments, we may expect the price to test even lower minimums on its way down.  The bullish scenario will come… Continue

EUR/USD: Technical Analysis



The EUR/USD pair is still consolidating after plummeting to fresh lows on Monday. There is a possibility it could bounce back as far as the 1.4500s where here is an important level of support and resistance at 1.4520 and the 0.001x3 point and figure chart also has a target at 1.4590. The steepness of the move down, however, suggests the likelihod of a resumption of the downtrend eventually, whilst a break below the recent low at 1.4260 would… Continue

EUR/USD: Technical Analysis



The EUR/USD fell to 1.4260 lows yesterday but has since begun consolidating in a range. The emphasis is still bearish and the larger 0.005x3 chart has met its upside targets indicating possible exhaustion. Shorter term, however, there are no clear vertical downside targets on the 0.001x3 chart, although a horizontal count yields a bearish target of 1.4170. The smallest box size chart, the 0.0005x3 conversely has an upside target of 1.4450.… Continue