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Further Euro Bullish Trend Correction

Mon, Nov 2 2009, 07:52 GMT
by Igor Kulaga

Forex Ltd

EUR

The estimated test of key supports levels was confirmed but relative bearish activity rise marked by OsMA trend indicator did not incline to the implementation of pre-planned sales positions. At the moment, considering the current situation as activity parity of both parties we can assume rate range movement with testing  of Ichimoku cloud orders at 1,4840/60 levels where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of shorter time interval. As for short-term sales on condition of the formation of topping signals the targets will be 1,4780/1,4800, 1,4680/1,4720 and (or) further break-out variant up to 1,4620/40, 1,4540/60, 1,4480/1,4500. The alternative for sales will be above 1,9000 with the targets of 1,4940/60, 1,5000/40.

CHF

The estimated test of key resistance range levels was confirmed but relatively high bullish activity level, marked by OsMA trend indicator did not incline to the implementation of pre-planned buying positions. At the moment, considering the situation from positions of probable rate range movement and minimal bullish party activity we can assume probability of rate return to Senoku Span B line of Ichimoku indicator at 1,0160/80 levels where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of shorter time interval. As for short-term buying positions  on condition of the formation of topping signals the targets will be 1,0220/40, 1,0280/1,0300 and (or) further break-out variant up to 1,0340/60, 1,0400/40. The alternative for sales will be above 1,0120 with the targets of  1,0060/80, 1,0000/20.

GBP

The pre-planned break-out variant for sales was implemented with the achievement of minimal estimated target.  OsMA trend indicator, having marked relative activity rise of both parties and does not clarify the choice of planning priorities for today. Therefore,  considering the suppositions concerning probable rate range movement we can assume probability of rate return to Ichimoku cloud border support at 1,6380/1,6400 levels where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of shorter time interval. As for short-term buying positions on condition of formation of topping signals the targets will be 1,6640/60, 1,6500/20, 1,6580/1,6620  and (or) further break-out variant up to 1,6660/80, 1,6720/40, 1,6780/1,6800. The alternative for sales will be below 1,6240 with the targets of 1,6180/1,6200, 1,6120/40, 1,6060/80.

JPY

The pre-planned break-out variant for sales was implemented with overlap of minimal estimated target. OsMA trend indicator having marked bearish activity progress at the break of key supports and gives grounds to suppose rate fall period incompleteness. Therefore, considering current direction of indicator chart we can assume probability of the achievement of  90,40/60 resistance levels,  where it is recommended to evaluate the development of the activity of both parties in accordance with the charts of shorter time interval. As for short-term sales on condition of the formation of topping signals the targets will be 89,80/90,00, 89,00/40 and (or) further break-out variant up to 89,20/40, 88,80/89,00. The alternative for buyers will be above 91,40 with the targets of 91,80/92,00, 92,40/60.

Published on  Mon, Nov 2 2009, 07:58 GMT