Forex4you's Blog – November 2010 Archive (20)
Forex4you Technical Analysis 30/11/10
Yesterday the EUR/USD decisively broke down through a major trend-line from the June lows. This marks a significant change in trend and the decline will probably continue lower, perhaps till it reaches a support and resistance line at 1.2940 initially and then probably further. The move down off the November 5 highs looks like a zigzag and if wave C is the same length as A - which it is likely to be at the least - then… Continue
Added by Forex4you on November 30, 2010 at 7:07am — No Comments
Forex4you Technical Analysis 29/11/10
The movements in this instrument proved the assumptions of the previous analysis - the price continued to decline and the "bears" almost reached the target level 1.3160, mentioned earlier and received support at 1.3180. Having pulled back upwards, the trading is carried on at level 1.3240/50. Indicators don't suggest the "bearish" trend to be dominating, though the assumptions of levels 1.3160 and 1.3110\00 tests are… Continue
Added by Forex4you on November 29, 2010 at 7:03am — No Comments
Forex4you Technical Analysis 26/11/10
EUR/USD has pushed down through an important trend-line drawn from the June lows. If the break is confirmed by a further decisive move then the exchange rate might fall to the 200 day MA at 1.3135 initially and then perhaps to 1.2930 eventually. There has also been a break below the cloud on the Ichimoku chart this morning and if the descent since the 5th November highs is a zigzag then the downside target for the C… Continue
Added by Forex4you on November 26, 2010 at 7:00am — No Comments
Forex4you Technical Analysis 25/11/10
The exchange rate has bottomed and consolidated into a triangle pattern with downside potential. A break lower, out of the pattern, would target support at 1.3250 initially and then perhaps even the 1.30s. There is also a chance the triangle could break higher, wrong footing market participants who were short, with an upside target of 1.3435.…
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Added by Forex4you on November 25, 2010 at 7:11am — No Comments
Forex4you Technical Analysis 24/11/10
The bears proved to be dominating, so the price declined not only to target level 1.3380/90, it went even lower, to 1.3280/90. We currently observe a slight pullback upwards and the trading is carried on at 1.3350/60. Nevertheless, the indicators don't seem to change their direction and reverse upwards, so the bearish trend will most likely continue. The current pullback upwards, by the way, may be considered as the… Continue
Added by Forex4you on November 24, 2010 at 8:13am — No Comments
Forex Forexcast : Daily Technical Analysis - 23 November 2010
The market chose a downward scenario, like it had been previously assumed. Resistance range 1.3720/70 hadn't been breached, so the price pulled back downwards and fell below support 1.3640/50, mentioned earlier. The trading tested level 1.3520/30, but then went up and is currently carried on at level 1.3590/1.3600. Indicators are unsure which direction to show, though they seem to be more inclined to a downtrend,… Continue
Added by Forex4you on November 23, 2010 at 6:30am — No Comments
Forex4you Technical Analysis 22/11/10
The exchange rate moves higher as this Elliot wave 4 correction of the fall from November 5th continues unfolding. It rose up to the 1.3785s in the overnight session but since then has rolled over. It is possibly completing a zig-zag down now in which wave C may be equal to A - if not longer. If we count A as coming down from this morning’s highs to bottom at 1.3725, then C should end around 1.3687, which is exactly… Continue
Added by Forex4you on November 22, 2010 at 7:08am — No Comments
Forex4you Technical Analysis 19/11/10
Resistance 1.3640/50 had been a strong berrier for the "bulls" for a long time, yet it was breached and the trading is carried on around levels 1.3680/90. Indicators say in favor of the "bullish" trend, which suggests further growth. It's worth noting though, that there are several strong barriers on the way up - resistance range 1.3720/70 and level 1.3840. And even resistance 1.3840/50 breakout shouldn't be considered… Continue
Added by Forex4you on November 19, 2010 at 7:02am — No Comments
Forex4you Technical Analysis 18/11/10
Fears that the trading could pull back upwards turned out to be correct - the price bagan to grow and raised to resistance 1.3640/50, passing yesterday mentioned barriers 1.3570/80. Indicators changed their readings to "bullish", but R% raised to overbought zone, which can indicate the end of the growth and SS being oversold gives reason to asume that current growth is just a correction after the recent decline.… Continue
Added by Forex4you on November 18, 2010 at 8:30am — No Comments
Forex4you Technical Analysis 16/11/10
There haven't been any unexpected events in the pair and the assumptions of a possible price fall confirmed. Attempt to breach key support 1.3570, mentioned previously, is currently being made. Indicators suggest further downward movement and give reason to expect the breakout of this barrier. If it happens, a decline will proceed to support levels - 1.3500/1.3490 and 1.3380/90. Taking into account possible MACD… Continue
Added by Forex4you on November 16, 2010 at 7:06am — No Comments
Forex4you Technical Analysis 15/11/10
Sideways consolidation continued within the range 1.3770/60-1.3570, like it had been previously assumed. The price still resides in this range, at level 1.3630/40. Indicators are turning downwards, which explains the anticipation of a further price fall to the new minimums. Nevertheless, to continue their trend the "bears" have to breach support 1.3570 with the following high possibility of levels 1.3500/1.3490 and… Continue
Added by Forex4you on November 15, 2010 at 8:02am — No Comments
Forex4you Technical Analysis 12/11/10
The dramatic decline of the last few days has slowed after alighting on the 50 day MA and a small countertrend rally has begun from this morning’s lows. There is a high probability that this is an Elliot wave 4 correction of yesterday’s decline. The majority of wave 4’s end in a retracement zone of 20-50% of 1-3 and so this 4 could reverse at any moment given we have retraced over 20% already. The 50% level is… Continue
Added by Forex4you on November 12, 2010 at 6:47am — No Comments
Forex4you Technical Analysis 11/11/10
The pair prefers a downwards movement, like it had been expected. The price descended to support 1.3660/40, but for a short period of time, and then returned upwards, so it's now consolidating around levels 1.3730/50. The consolidsation channel support has been breached but it now turns out to be a strong risistance, which which prevents the trading from moving upwards. Indicators don't suggest any particular… Continue
Added by Forex4you on November 11, 2010 at 7:01am — No Comments
Forex4you Technical Analysis 10/11/10
Strong resistance 1.3960/70, mentioned in the previous comment, triggered a pullback downwards, which brought the price to lower than expected supports. After level 1.3730/40 the price bounced upwards and currently resides at 1.3790/80. In case the price falls below 1.3860/40, the "bearish" moods will strengthen, which is already seen on the indicators, that suggest sich a possibility. Yesterday's assumptions that… Continue
Added by Forex4you on November 10, 2010 at 7:02am — No Comments
Forex4you Technical Analysis 09/11/10
The exchange rate has been falling and it may carry on until it reaches a substantial layer of support around 1.3800. Nearby 1.3806 is also the objective of yesterday’s flag pattern, so further downside may well halt there. We have also had a complete 5 Elliot wave impulse pattern down, which began at the 1.4085 highs achieved yesterday morning. There is a chance, therefore of a correction off this wave, which may… Continue
Added by Forex4you on November 9, 2010 at 7:16am — No Comments
Forex4you Daily Technical Analysis - November 08, 2010
Assumptions of the previous comments, that the "bears" have all chances to seize the initiative are likely to come true. The price breached key supports 1.4100 ? 1.4040, and the trading is currently carried on at level 1.3920/10. Indicators are tyurned downwards, suggesting further descending of the price. Uptrend channel line (red lines) breakout indicates a possibility of a next fall to 1.3780 and then to the… Continue
Added by Forex4you on November 8, 2010 at 7:34am — No Comments
Forex4you Technical Analysis 04/11/10
The exchange rate has broken out of the triangle formation it was in since the 15th October and it will not probably rally higher reaching the 1.44s at least. This is likely to be an 5th Elliot wave of the second leg of the zig-zag which started at the June lows, so once it has finished there may be a sharp decline. There has been a bullish breach of the cloud on the weekly Ichimoku chart but price will have to remain… Continue
Added by Forex4you on November 4, 2010 at 7:55am — No Comments
Forex4you Technical Analysis 03/11/10
Longer term this pair could be in an Elliot wave 4 triangle with wave 5 targeting 1.42 to 1.45. The current rally would be labelled a wave D with E down poised to begin. Since most of the legs up until D have retraced slightly over 76.40% of the preceding wave it is likely that wave E will do the same yielding a downside target of 1.3810. Wave D appears to be composed of a zig-zag and then an impulse from November the… Continue
Added by Forex4you on November 3, 2010 at 7:25am — No Comments
Forex4you Technical Analysis 02/11/10
Support 1.3940/20 was breached, but the price only descended to level 1.3860, which became a starting point for the growth reversal. The trading is currently carried on at level 1.3980, thus returning to yesterday's maximums. Indicators are "bullish" again, suggesting further possible growth. At the same time there is a strong resistance at level 1.4000/10 on the way, which has all chances to… Continue
Added by Forex4you on November 2, 2010 at 7:58am — No Comments
Forex4you Technical Analysis 01/11/10
Support at level 1.3800/1.3780 stopped the price fall and brought the trading back to the breached uptrend channel line (blue dashed line). The price tested levels 1.4000/10, but it didn't manage to break this barrier, so it's currently pulling back and resides at 1.3950/60. Indicators show a reversal downwards, which suggests further descend in the price. Support 1.3940/20 breakout is seen rather significant at the… Continue
Added by Forex4you on November 1, 2010 at 8:07am — No Comments
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