Forex Forecast: Daily Technical Analysis - 10 March 2010
EUR/USD: Technical Analysis
EUR/USD has fallen heavily to support at 1.3805 from where it has bounced back temporarily but we will probably get a retest of the 1.3805 lows as wave 4 finishes and then possibly a reversal and rally higher as Elliot wave 5 gets underway. There is substantial resistance at 1.3800 from the trendline of the whole move up from early January and this could provide the necessary platform from which to mount the rally.
GBP/USD: Technical Analysis
Up trend channel line (red line) was finally breached, but horizontal support at level 1.6160/40 keeps holding back the "bearish" attempts, although it had been slightly pierced. Trading is currently carried out at 1.6160/70. Indicators are not unanimous in their readings, which suggests uncertainty in the market moods, probably ahead of the BoE interest rate decision, scheduled for today. So traders should obviously consider this event and take a pause in their trading. Previous forecasts, however, are still relevant - decline below level 1.6150/40 will be the first indication of further downward movement, and support breakout at 1.6100 will indicate the "bearish" victory. The bulls seem to have chances to recommence their trend as well and push the price towards new maximums at 1.6450/80.
Analysis by: Forex4you.com
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
EUR/USD has fallen heavily to support at 1.3805 from where it has bounced back temporarily but we will probably get a retest of the 1.3805 lows as wave 4 finishes and then possibly a reversal and rally higher as Elliot wave 5 gets underway. There is substantial resistance at 1.3800 from the trendline of the whole move up from early January and this could provide the necessary platform from which to mount the rally.
GBP/USD: Technical Analysis
Up trend channel line (red line) was finally breached, but horizontal support at level 1.6160/40 keeps holding back the "bearish" attempts, although it had been slightly pierced. Trading is currently carried out at 1.6160/70. Indicators are not unanimous in their readings, which suggests uncertainty in the market moods, probably ahead of the BoE interest rate decision, scheduled for today. So traders should obviously consider this event and take a pause in their trading. Previous forecasts, however, are still relevant - decline below level 1.6150/40 will be the first indication of further downward movement, and support breakout at 1.6100 will indicate the "bearish" victory. The bulls seem to have chances to recommence their trend as well and push the price towards new maximums at 1.6450/80.
Analysis by: Forex4you.com
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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