Forex4you Technical Analysis 02/12/10
EUR/USD: Technical Analysis
Assumptions about a possible correction in this instrument are likely to turn out correct - the price raised to level 1.3150/60, mentioned earlier as the consolidation range resistance and is currently making attempts to breach this resistance. Indicators suggest the "bullish" moods to be dominating in the market, which can be considered as a proof that further growth will be successful. In case the tested level is breached, the next to xome will be resistance 1.3190/1.3200, mentioned yesterday as a possible resistance for correction range. Level 1.3460/50 breakout suggest the "bearish" potential, though previuosly mentioned targets at 1.2920/00 remain relevant for the nearest future.
EUR/JPY: Technical Analysis
This pair has pushed up to slightly above the monthly pivot at 110.80. The 200 hour MA is providing overhead resistance at 111.20 as is the 38.2% Fibonacci line from the decline since the early October highs. In the short term I see a rollover from the current highs and a fall back down to the 110.50s as a distinct possibility. After that there may be a further rally if the pattern unfolding from the November 30 lows is a zigzag. If that is the case then we could see the C leg reaching the 112.40s.
GBP/USD: Technical Analysis
The price tested level 1.5650/40, which turned out to be quite a strong resistance. The price currently resides close to this barrier at level 1.5630, making attempts to breach it. Indicators are turned up, which clearly suggests the change of moods, as well as yesterday's fears that level 1.5650/40 won't be able to hold back the "bulls". If it happens, yesterday's scenario will be probably realised and the price will most likely rise to resistance 1.5760/50. Nevertheless, sideways movement in the range 1.5650 – 1.5520/30 with further decline to 1.5330/20 is still a high possibility. Resistance 1.5750/60 is critical for a down trend - if it's breached, the market moods will most likely significantly change.
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.
Assumptions about a possible correction in this instrument are likely to turn out correct - the price raised to level 1.3150/60, mentioned earlier as the consolidation range resistance and is currently making attempts to breach this resistance. Indicators suggest the "bullish" moods to be dominating in the market, which can be considered as a proof that further growth will be successful. In case the tested level is breached, the next to xome will be resistance 1.3190/1.3200, mentioned yesterday as a possible resistance for correction range. Level 1.3460/50 breakout suggest the "bearish" potential, though previuosly mentioned targets at 1.2920/00 remain relevant for the nearest future.
EUR/JPY: Technical Analysis
This pair has pushed up to slightly above the monthly pivot at 110.80. The 200 hour MA is providing overhead resistance at 111.20 as is the 38.2% Fibonacci line from the decline since the early October highs. In the short term I see a rollover from the current highs and a fall back down to the 110.50s as a distinct possibility. After that there may be a further rally if the pattern unfolding from the November 30 lows is a zigzag. If that is the case then we could see the C leg reaching the 112.40s.
GBP/USD: Technical Analysis
The price tested level 1.5650/40, which turned out to be quite a strong resistance. The price currently resides close to this barrier at level 1.5630, making attempts to breach it. Indicators are turned up, which clearly suggests the change of moods, as well as yesterday's fears that level 1.5650/40 won't be able to hold back the "bulls". If it happens, yesterday's scenario will be probably realised and the price will most likely rise to resistance 1.5760/50. Nevertheless, sideways movement in the range 1.5650 – 1.5520/30 with further decline to 1.5330/20 is still a high possibility. Resistance 1.5750/60 is critical for a down trend - if it's breached, the market moods will most likely significantly change.
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.
Views: 7
Comment
© 2024 Created by James Dicks.
Powered by
You need to be a member of JDFN Financial Network to add comments!
Join JDFN Financial Network