Forex4you Technical Analysis 26/10/10
EUR/USD: Technical Analysis
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 draw a diamond top pattern on the activity since the 7th October. The downside objective if the current move down makes a decisive break would be 1.3235. A move above the trend-line sloping down off the peaks at around 1.4065 however would negate the diamond reversal and might lead to a strong upside rally instead.
GBP/USD: Technical Analysis
The exchange rate is rallying up very strongly from the 1.5650 lows. It will probably continue until it reaches resistance at the 1.5950 highs from an old trend-line up from the September lows. It may even peak at the level of the R1 monthly pivot at 1.5990.
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.
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 draw a diamond top pattern on the activity since the 7th October. The downside objective if the current move down makes a decisive break would be 1.3235. A move above the trend-line sloping down off the peaks at around 1.4065 however would negate the diamond reversal and might lead to a strong upside rally instead.
GBP/USD: Technical Analysis
The exchange rate is rallying up very strongly from the 1.5650 lows. It will probably continue until it reaches resistance at the 1.5950 highs from an old trend-line up from the September lows. It may even peak at the level of the R1 monthly pivot at 1.5990.
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.
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