Forex4you's Blog – October 2010 Archive (20)
Forex4you Technical Analysis 29/10/10
The growth got stuck within the range 1.3940/30/50 on the last session, breached uptrend channel line (blue dashed line) turned out to be a very strong, this time as a resistance. The trading is currently carried on at level 1.3820/30. Indicators are turned downwards, which suggests further downward movement of the price. Strong support at level 1.3780 is the next to come, if this barrier is breached, support levels… Continue
Added by Forex4you on October 29, 2010 at 8:11am — No Comments
Forex4you Technical Analysis 28/10/10
The pair continued its downward movement, support 1.3780 was breached, but further descending ended just with level 1.3730/40. The "bulls" brought the price back above level 1.3780, so the trading is currently carried on at level 1.3830/40. Indicators show attempts to take the price back to the uptrend on a mid-term level. Level 1.3900/10 is likely to be tested in the nearest future. If this barrier is breached, we'll… Continue
Added by Forex4you on October 28, 2010 at 7:44am — No Comments
Forex4you Technical Analysis 27/10/10
Yesterday's warning that the price fall may reach level 1.3780 was correct - the pair tested this support and is currently making attempts to return to growth, consolidating around level 1.3820/10. Nevertheless, indicators are still "bearish", which suggests a further possible descend. To resume their trend, the "bulls" have to bring the price back to the uptrend, thus raising it above resistance 1.3900/10. If it… Continue
Added by Forex4you on October 27, 2010 at 8:10am — No Comments
Forex4you Technical Analysis 26/10/10
The exchange rate is still moving down as part of the move which began at yesterday’s highs. It is currently trying to break through the trend-line drawn up from the lows made on the 20th. A decisive break lower would be expected to reach support at 1.3900 and then perhaps even to 1.3850. A move higher might be expected to reach the upper channel line at 1.4000.
Looking at the 4 hour chart it is possible to… Continue
Added by Forex4you on October 26, 2010 at 8:03am — No Comments
Forex4you Technical Analysis 25/10/10
The move up which began on the 20th has probably reached an end and this morning’s correction could continue a little lower. It is quite possible it will reach support at 1.4000 at the least. There is even a chance it will continue going down even lower, reaching the 1.37 lows if it is still a part of the consolidation which began on the 10th and has lead to a more or less sideways market since. If, on the other hand,… Continue
Added by Forex4you on October 25, 2010 at 8:09am — No Comments
Forex4you Technical Analysis 22/10/10
Resistance level 1.4040 turned out to be strong enough and didn’t let the price rise. After a pullback downwards the trading is currently carried on at level 1.3880/70. Indicators are turned downwards, which can be the evidence of a reversal to a downtrend. At the same time the “bears” are now likely to meet serious barriers on the way, which makes the situation in this pair rather unclear. Range trading in a wide… Continue
Added by Forex4you on October 22, 2010 at 8:34am — No Comments
Forex4you Technical Analysis 21/10/10
Assumptions of the previous comment came true – resistance range 1.3830/50 was breached and the price fixed above, indicating a high possibility for reversal to growth in the pair. The price is currently testing resistance level 1.4040, mentioned earlier as one of the key levels on the way up. And the readings of indicators support these assumptions. Nevertheless, there is one more barrier on the way upwards – breached… Continue
Added by Forex4you on October 21, 2010 at 8:00am — No Comments
Forex4you Technical Analysis 20/10/10
The price fell below 1.3830, indicating a reversal to a downtrend, like it had been anticipated earlier, tested and then breached support 1.3780, and then met a barrier for its descending at level 1.3690, which is above the previously mentioned support at level 1.3660. Indicators show the weakening of the “bearish” moods, which gives reasons to doubt the assumptions of further downward movement. The currently tested… Continue
Added by Forex4you on October 20, 2010 at 7:52am — No Comments
Forex4you Technical Analysis 19/10/10
Assumptions that the “bears» would reach support level 1.3780/50 didn’t realize, because level 1.3830 didn’t let the pair pass further. As a result of an upward pullback the trading went to level 1.4000 and has recently descended a bit to 1.3930/40. Indicators’ readings are rather unclear, but seems like they are more likely to show further downward movement. The bearish attempt to fix below the breached uptrend… Continue
Added by Forex4you on October 19, 2010 at 8:06am — No Comments
Forex4you Technical Analysis 18/10/10
The assumptions of the last comment, that resistance level 1.4150/60 is be a decisive factor in the present situation confirm. The “bulls” didn’t manage to breach this barrier, so the price fell and the trading is carried on at levels 1.3840/30. Indicators are changing their readings and showing further descent. The price is likely to reach target levels 1.3780/50 very soon. If the present level is breached, these… Continue
Added by Forex4you on October 18, 2010 at 8:02am — No Comments
Forex4you Technical Analysis 15/10/10
EUR/USD has fallen to support at 1.4080 and from here it should consolidate. After that, the last wave up – if my count is correct – should take us up to the point of trend-line convergence at 1.4145, which also happens to be where leg ‘A’ and leg ‘C’ of the June rise are equal, on log scale. From those highs a major reversal is possible which could take the exchange rate back below 1.4000.…
Continue
Added by Forex4you on October 15, 2010 at 7:43am — No Comments
Forex4you Technical Analysis 14/10/10
The corrective zig-zag up from the day before yesterday's lows seems to be near to completion, with two legs which are roughly the same length and the second leg an almost complete Elliot wave fractal. There is still probably a small wave 4 and 5 to play out in that second leg so price could go a little higher but given price has also just touched the bottom of the trend-line up from the early September lows it is… Continue
Added by Forex4you on October 14, 2010 at 8:05am — No Comments
Forex4you Technical Analysis 13/10/10
The rally yesterday from the 1.37 lows - surprising perhaps in its ferocity - took the exchange rate back up to the 1.3990s just under the old highs in the 1.40s, where the R1 monthly pivot is situated. There is an indication that this move now is quite mature and may correct a little. It is also being resisted by the under side of the old trend-line up for the whole September rally. If the rate falls, it should meet… Continue
Added by Forex4you on October 13, 2010 at 7:23am — No Comments
Forex4you Technical Analysis 08/10/10
This pair made highs of 1.4028 yesterday before rolling over; the whole day a doji candlestick. As I mentioned before the 1.4000 level is key because it is where the ‘A’ leg of the rise from the June lows will equal the ‘C’ leg and this is the most common relationship on completion. It is also the level of the R1 monthly pivot thus compounding the resistance there. We would expect that there would be some sort of… Continue
Added by Forex4you on October 8, 2010 at 7:47am — No Comments
Forex4you - Daily Technical Analysis 07/10/10
The price tested level 1.3950/60, which proved to be strong enough to hold back the “bulls” for some time. Then the level has been breached, the price tested one more level -1.3990- and now it resides at 1.3960/70. Indicators show no changes and still suggest growth. But taking into account MACD divergence, we should probably expect one another bounce of the euro to 1.4010/10 and then be ready to a large-scale pullback… Continue
Added by Forex4you on October 7, 2010 at 7:49am — No Comments
Forex4you Technical Analysis 06/10/10
This pair has now reached highs in the 115s which also happens to be the point and figure target from the August lows. It seems likely that from here some sort of correction may develop or a consolidation range. I think the odds are slightly more in favour of a sell off - first to near-term support at 114.60 and then if stronger, to the lows in the 113.90s. The drop from here could be quite sharp given the persistently… Continue
Added by Forex4you on October 6, 2010 at 10:56am — No Comments
Forex4you Technical Analysis 05/10/10
The correction reached even lower supports, the price went below level 1.3710. Level 1.3660/10, previously mentioned as the key support on the way downwards, withstood the “bearish” pressure, and the price returned to growth, testing level 1.3630/40. The trading is currently carried on at 1.3780/90. Indicators prefer growth, though MACD divergence, on the contrary, makes us doubt of a possible growth to the new… Continue
Added by Forex4you on October 5, 2010 at 8:13am — No Comments
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Added by Forex4you on October 4, 2010 at 8:12am — No Comments
Forex4you Technical Analysis 04/10/10
After having spent most of last week rallying the EUR/USD pair began falling this morning. The pair may continue to drop to support at 1.3650 initially. After that there could be a recovery rally. It is possible the market may zig-zag sideways for a while thereafter oscillating between the 1.38 highs and the 1.36 lows. This could be the start of a wave 4 correction of the rally from the August lows. Given wave 2 was… Continue
Added by Forex4you on October 4, 2010 at 8:02am — No Comments
Forex4you Technical Analysis 1/10/10
Level 1.3700/1.3680, previously seen as a strong resistance didn’t prove to be strong enough to start a large-scale correction, so the trading went upwards and is now carried on at 1.3720/25. Indicators keep suggesting two different scenarios – R% and SS remain in the overbought zone, supporting the “bullish” trend on the one hand, and MACD is currently forming divergence, giving signs to a… Continue
Added by Forex4you on October 1, 2010 at 7:53am — No Comments
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