Forex4you Technical Analysis 15/07/10
EUR/USD: Technical Analysis
This pair looks like it could be forming a top. The MACD is showing the divergence which accompanies a 5th wave high; there are overlapping waves on the hourly chart and substantial overhead resistance from pivot and channel line. Prices may reach a little higher, perhaps to 1.2790 but after that they should correct to the region of 1.2670.
GBP/USD: Technical Analysis
Most likely, the “Bulls” have met the requirements for the advance’s development i.e., breached the powerful resistance at 1.5300/10. That’s why, there’s a high probability of further upturn to 1.5380/70, which was precisely mentioned in the former commentary. As seems, however, the price fixation above 1.5310 hasn’t occurred still yet. So, it’s necessary to wait until endurance checking up of this very degree, but as a support already.
Otherwise, the downgrading return with the prolongation of the tumble below 1.5240 will make a short break in the implementation of the advance scenario because of probable retracement till 1.5160. If it happens so the risks of the downgrading reversal will raise up for this pair, because the sagging down with fixation below 1.5160/50 will prove the weakness of the “bullish” potential.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
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.Fo
This pair looks like it could be forming a top. The MACD is showing the divergence which accompanies a 5th wave high; there are overlapping waves on the hourly chart and substantial overhead resistance from pivot and channel line. Prices may reach a little higher, perhaps to 1.2790 but after that they should correct to the region of 1.2670.
GBP/USD: Technical Analysis
Most likely, the “Bulls” have met the requirements for the advance’s development i.e., breached the powerful resistance at 1.5300/10. That’s why, there’s a high probability of further upturn to 1.5380/70, which was precisely mentioned in the former commentary. As seems, however, the price fixation above 1.5310 hasn’t occurred still yet. So, it’s necessary to wait until endurance checking up of this very degree, but as a support already.
Otherwise, the downgrading return with the prolongation of the tumble below 1.5240 will make a short break in the implementation of the advance scenario because of probable retracement till 1.5160. If it happens so the risks of the downgrading reversal will raise up for this pair, because the sagging down with fixation below 1.5160/50 will prove the weakness of the “bullish” potential.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
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.Fo
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