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May 2011 Blog Posts (30)

Forex4you Technical Analysis 31 May 2011

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…

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Added by Forex4you on May 31, 2011 at 8:09am — No Comments

Forex4you Technical Analysis 30 May 2011

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…

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Added by Forex4you on May 30, 2011 at 8:02am — No Comments

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Added by forxprofit on May 27, 2011 at 9:32pm — 1 Comment

Forex4you Technical Analysis 27 May 2011

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.…



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Added by Forex4you on May 27, 2011 at 8:07am — No Comments

Forex4you Technical Analysis 26 May 2011

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…

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Added by Forex4you on May 26, 2011 at 7:46am — No Comments

CAD, Aussie and Gold Weekly Update - May 20 close

USDCAD

The Loonie keeps on the rise and made new highs last week, reaching the middle line of the weekly Bollinger bands with a 61.8% Fibonacci retracement, while breaking the previous week highs and rising to the daily SMA100 from which it was mildly rejected. As of now, the price has broken that level and continues heading towards the daily SMA200…

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Added by Caroline Carlin on May 25, 2011 at 1:53pm — No Comments

Yen Pairs Weekly Update - May 20 close

USDJPY

The Dollar-Yen has been slowly but steadily climbing along the last two weeks and reached a strong resistance area in the 38.2% and 50% daily Fibonacci retracement levels, with the confluence of both SMA34 and SMA100 and the SMA200 just above. On the weekly charts we have the middle line of the Bollinger bands and the SMA34 also in…

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Added by Caroline Carlin on May 25, 2011 at 1:03pm — No Comments

Swiss Franc Weekly Update - May 20 close

EURCHF

The Euro-Swiss Franc reached our expected target and went below 1.2420 at the 161.8% daily extension, matching January and March lows. The level was broken and retested on Monday, and we are heading further down to our previous continuation targets of 1.2200 and 1.2100 (127% weekly extension and 138.2% extension at the bottom of the…

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Added by Caroline Carlin on May 25, 2011 at 12:20pm — No Comments

Euro and Pound Weekly Update - May 20 close

EURUSD

The Euro-Dollar made a new low last week barely 20 pips below and turned back to the bullish side almost recovering all the fall of the previous week and nearly reaching the 38.2% retracement on the weekly swing low. The daily extension level at 138.2% held the price which went back to around 1.4325, testing the broken level for a second…

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Added by Caroline Carlin on May 25, 2011 at 9:03am — No Comments

Forex4you Technical Analysis 25 May 2011

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…

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Added by Forex4you on May 25, 2011 at 8:13am — No Comments

Forex4you Technical Analysis 24 May 2011

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.…



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Added by Forex4you on May 24, 2011 at 6:41am — No Comments

Forex4you Technical Analysis 23 May 2011

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…

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Added by Forex4you on May 23, 2011 at 8:14am — No Comments

CAD, Aussie and Gold Weekly Update - May 13 close

USDCAD

The Loonie went below the expected bearish target and broke below the 61.8% Fibonacci retracement on the daily charts, while ending on a long-wicked spinning top on the weekly. The price recovered and bounced again to the upside crossing back through the daily SMA34 and making a new high but still rejected by the resistance level at…

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Added by Caroline Carlin on May 18, 2011 at 12:43am — No Comments

Yen Pairs Weekly Update - May 13 close

USDJPY

The Dollar-Yen climbed again to 81.00 as we had expected, nearly reaching the middle line of the daily Bollinger bands. On weekly charts we can appreciate a very small inside doji candle, and markets were mostly consolidating although in a slightly rising move. Price has broken last week’s resistance level 81.30 as to now, reaching the…

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Added by Caroline Carlin on May 17, 2011 at 9:37pm — No Comments

Swiss Franc Weekly Update - May 13 close

EURCHF

Price barely made a new low but turned back and spent all last week consolidating inside the lower bottom range of the previous weekly bearish candle, and ending on a hammer.

On the daily charts the 138.2% Fibonacci extension level was reached and the pair bounced back from a tweezer bottom on Tuesday, almost reaching the recently…

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Added by Caroline Carlin on May 17, 2011 at 1:34pm — No Comments

Euro and Pound Weekly Update - May 13 close

EURUSD

The Euro-Dollar kept trading lower as expected last week, breaking below its previous weekly lows and nearly reaching the SMA200 level, while on daily charts we can appreciate an extension of its swing low to the 138.2% Fibonacci level, closing above the round number 1.4100 at the end of the week.

Since Sunday open, there has been…

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Added by Caroline Carlin on May 17, 2011 at 12:37pm — No Comments

Forex4you Technical Analysis 13 May 2011

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

Added by Forex4you on May 13, 2011 at 8:29am — No Comments

Forex4you Technical Analysis 12 May 2011

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

Added by Forex4you on May 12, 2011 at 9:18am — No Comments

Forex4you Technical Analysis 11 May 2011

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

Added by Forex4you on May 11, 2011 at 8:55am — No Comments

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