Forex4you Technical Analysis 10/11/10
EUR/USD: Technical Analysis
Strong resistance 1.3960/70, mentioned in the previous comment, triggered a pullback downwards, which brought the price to lower than expected supports. After level 1.3730/40 the price bounced upwards and currently resides at 1.3790/80. In case the price falls below 1.3860/40, the "bearish" moods will strengthen, which is already seen on the indicators, that suggest sich a possibility. Yesterday's assumptions that support 1.3660/40 is likely to be tested are still relevant. Nevertheless, reversal higher 1.3860, i.e fixation above consolidation range support (blue line), will indicate a reversal to the "bullish trend".
GBP/USD: Technical Analysis
This pair has fallen from the 4th November highs. Yesterday it dropped over 150 points but has now stabilized and entered into a sideways consolidation zone. This could be a triangle whose final thrust might take the exchange rate to1.5930 at first, where the monthly pivot is and then perhaps even to 1.5900 where the exchange rate would meet the trend-line up from the May lows. An upside breakout before then might be expected to reach trend-line resistance at 1.6050.
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.
Strong resistance 1.3960/70, mentioned in the previous comment, triggered a pullback downwards, which brought the price to lower than expected supports. After level 1.3730/40 the price bounced upwards and currently resides at 1.3790/80. In case the price falls below 1.3860/40, the "bearish" moods will strengthen, which is already seen on the indicators, that suggest sich a possibility. Yesterday's assumptions that support 1.3660/40 is likely to be tested are still relevant. Nevertheless, reversal higher 1.3860, i.e fixation above consolidation range support (blue line), will indicate a reversal to the "bullish trend".
GBP/USD: Technical Analysis
This pair has fallen from the 4th November highs. Yesterday it dropped over 150 points but has now stabilized and entered into a sideways consolidation zone. This could be a triangle whose final thrust might take the exchange rate to1.5930 at first, where the monthly pivot is and then perhaps even to 1.5900 where the exchange rate would meet the trend-line up from the May lows. An upside breakout before then might be expected to reach trend-line resistance at 1.6050.
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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