Forex4you's Blog – September 2012 Archive (5)

EUR/USD: Technical Analysis

Eurodollar has stalled a little this morning. The current level lies close to the monthly pivot, which could mean we are at a reversal point and the exchange rate could roll over here. A break back down below 1.2761 would give a strong confirmation signal, with 1.2700 then in sight. A move above 1.2803, however, could see it push higher to the major multi-month trend-line at 1.2900 where it will probably stop because of…

EUR/USD: Technical Analysis

Eurodollar has moved up to the upper channel line and hit resistance. It has also finished an A-B-C formation and therefore it will probably fall from here, down to perhaps support at 1.2625, although there are no reversal signs from price yet. The other alternative is a move higher, however , this would constitute a breakout from the channel and is a little less likely. A strong move above 1.2695 or so might signal such a breakout with the…

EUR/USD: Technical Analysis

Eurodollar has reached a strong level of resistance at the 1.2625 mark where price has been repulsed several times before. A shooting star candlestick has already formed on the hourly chart and if a move lower evolves then it will probably reach support from moving averages at 1.2565. A move to the bottom of the range at 1.2510 is also possible. Another possibility is a move higher to the top of the channel at 1.2650 – or even an upside…

EUR/USD: Technical Analysis

Eurodollar has pushed lower, breaking down though the neckline of the double top and almost reaching the profit target at 1.2475. Now it has rebounded and begun moving higher again. This is probably a counter-trend move, or Elliot wave 4 of the move down and will probably move up to the 1.2555/60 level where clustered resistance should turn it back lower again – although wait for confirmation - and it may then reach the 1.2475 level of the…

EUR/USD: Technical Analysis

The EUR/USD is still in a counter-trend rally. It is unlikely to be the start of a new trend higher and therefore will probably roll-over. Currently there is a possibility the pair could be starting a move down to 1.2550. If it goes below there it would constitute a break of the neckline of a double top pattern and target 1.2475. If the trend continues tracking higher, however, it could also reach resistance from the upper channel line at…