Forex4you Technical Analysis 27/10/10
EUR/USD: Technical Analysis
Yesterday's warning that the price fall may reach level 1.3780 was correct - the pair tested this support and is currently making attempts to return to growth, consolidating around level 1.3820/10. Nevertheless, indicators are still "bearish", which suggests a further possible descend. To resume their trend, the "bulls" have to bring the price back to the uptrend, thus raising it above resistance 1.3900/10. If it happens, the maximums at 1.4100 - 1.4140/50 will be tested again in the nearest future. At the same time, if the already tested support 1.3780 is breached, it will be considered as a serious "bearish" potential with the next stop at level 1.3660 and then at 1.3610/00.
GBP/USD: Technical Analysis
Resistance at level 1.5860/80 stopped the growth and triggered a pullback downwards to support 1.5780. The price just made a spike on the level and returned to the range above. As it has been mentioned earlier, fixation below 1.5780 can initiate a sideways consolidation in a wide range 1.5860/70 – 1.5660/70. Yet, until the trading is carried on above this level, the “bulls” will keep their leading positions, so they have good chances to continue growth. If so, the previous comments are in force – resistance 1.5970/50 breakout will indicate level 1.6030/40 test and a possible growth to 1.6100.
USD/JPY: Technical Analysis
The market didn’t manage to bring the price down to the historical minimum in this pair, so the price started to grow from support 80.50/40 and is currently testing level 81.80/82.00 for resistance. Indicators show growth, which makes it even a higher possibility for a growth. If the trading fixes above level 82.00, strong resistance 82.50/30 is likely to be tested and even breached. Such state of evens gives all reasons to expect ascending to 83.10/20 – medium-term downtrend channel line (blue lines). At the same time, there is still a high probability for reversal to a downtrend and a fall to support 81.10/20 will indicate further attempts to bring the trading down, may be to the minimum 79.75.
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.
Yesterday's warning that the price fall may reach level 1.3780 was correct - the pair tested this support and is currently making attempts to return to growth, consolidating around level 1.3820/10. Nevertheless, indicators are still "bearish", which suggests a further possible descend. To resume their trend, the "bulls" have to bring the price back to the uptrend, thus raising it above resistance 1.3900/10. If it happens, the maximums at 1.4100 - 1.4140/50 will be tested again in the nearest future. At the same time, if the already tested support 1.3780 is breached, it will be considered as a serious "bearish" potential with the next stop at level 1.3660 and then at 1.3610/00.
GBP/USD: Technical Analysis
Resistance at level 1.5860/80 stopped the growth and triggered a pullback downwards to support 1.5780. The price just made a spike on the level and returned to the range above. As it has been mentioned earlier, fixation below 1.5780 can initiate a sideways consolidation in a wide range 1.5860/70 – 1.5660/70. Yet, until the trading is carried on above this level, the “bulls” will keep their leading positions, so they have good chances to continue growth. If so, the previous comments are in force – resistance 1.5970/50 breakout will indicate level 1.6030/40 test and a possible growth to 1.6100.
USD/JPY: Technical Analysis
The market didn’t manage to bring the price down to the historical minimum in this pair, so the price started to grow from support 80.50/40 and is currently testing level 81.80/82.00 for resistance. Indicators show growth, which makes it even a higher possibility for a growth. If the trading fixes above level 82.00, strong resistance 82.50/30 is likely to be tested and even breached. Such state of evens gives all reasons to expect ascending to 83.10/20 – medium-term downtrend channel line (blue lines). At the same time, there is still a high probability for reversal to a downtrend and a fall to support 81.10/20 will indicate further attempts to bring the trading down, may be to the minimum 79.75.
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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