Forex4you's Blog – October 2012 Archive (6)

EUR/USD: Technical Analysis

A fulcrum reversal pattern at the highs on the daily chart as well as a 2-bar reversal warns of weakness. Shorter term, however, there may be a bounce to trend-line resistance at around 1.3085, but after that the descent will probably resume, finding support at 1.3025, whilst a move below 1.2975 would give bearish confirmation and see a possible run down to 1.2850. A break above 1.3110 would help confirm a bullish continuation, targeting…

EUR/USD: Technical Analysis

Eurodollar has started to consolidate in a range at the highs. It will still probably rise higher with a decisive break above the top of the range at 1.3125 leading to a probable run up to the old highs and the monthly pivot resisting at 1.3175. However, there is also the possibility the pair may correct back given signs of exhaustion on the 4-hr chart, and a move below the range at 1.3084 could see a breakdown to resistance-turned-support…

EUR/USD: Technical Analysis

Eurodollar bounced yesterday and has rallied further today. It has now reached an old resistance line from where it will probably fall back down, reaching perhaps the 1.2920 lows. A breach of them could open the way to a sell-off back down to the monthly pivot at 1.2840. Alternatively a decisive break higher could see a move up to 1.3000 although those key highs would have to be breached for a renewal of the bullish outlook.…

EUR/USD: Technical Analysis

Eurodollar has formed a double bottom at yesterday's lows and has managed to remain above the upper line of the wedge. Momentum is converging bullishly and we will probably see a rally from here. A rise above the neckline at 1.2913 would target 1.3000 – although a nearer target would be the tough level of resistance at 1.2970. A re-break of the 1.2824 lows would lead to a renewal of the down-trend perhaps to support at 1.2775.…

EUR/USD: Technical Analysis

The EUR/USD pair has reached support from the channel-line of the July rally and the monthly pivot. It will probably make a bounce from here. Bullish confirmation could come from a move above 1.2885. It will probably reach the cluster of moving averages at 1.2940 first and then eventually round-number resistance at 1.3000. A break below Tuesday's lows at 1.2833 might initiate a continuation down, although another major trend-line at 1.2785…

EUR/USD: Technical Analysis

Eurodollar has fallen sharply this morning and has re-touched support from the upper line of the wedge formation. The move down has been very strong and rapid and there is a chance that it will break through the support and fall more deeply, reaching 1.2850. A bounce, however, would probably see a move up to 1.2950, before then likely resuming its descent.…