Search
0
0
Multi TimeFrame Market Outlook: EURUSD
Mon, Jun 30 2008, 14:46 GMT
by David Gaudre
Weekly :
Rebound on main support has been effective and last week closed above consolidation triangle. Expected trading range extends from 1.5610 to 1.5980.
To the upside, new highs above 1.5830 weekly high obviously targets 1.5906 main resistance (1st objective). If no rejection at this level, main trendline at 1.5980 (2nd objective) may be reached easily. A break above targets 138.2% FE at 1.6110.
To the downside, first support to come is 1.5680, backed by 1.5625 (1st objective). If no rebound occurs on this support zone, downside may extends towards 1.5490 last week low (2nd objective). Break below 1.5436 is negative.
Daily :
Falling wedge consolidation is over, but EUR still in mai
consolidation range. Expected trading range for coming days extends from 1.5655
to 1.5940.
To the upside, a daily close above 1.5820 is needed to expect
an upside break of the range. Then, a rise towards 1.59 minor resistance is
likely (1st objective). Above there, 138.2% FE at 1.5947 has to be
outperformed in order to expect a test of historical highs reisitance at 1.6010
(2nd objective).
To the downside, first support zone comes at 1.5990 – 1.5705 (1st objective). If this level can’t hold & reject price to the upside, we may see a deeper correction towards 1.5620 triangle low (2nd objective). Below there, another cluster support at 1.5550/75 may hold & reject prices. Break below this level is negative.
4-Hours :
To the upside, 1.5830 is established as main resistance and range top. A break above targets 1.5880 main trendline (1st objective), ahead of 23.6% fib. projection (of rise from 1.5470 to 1.5834) at 1.5920 (2Nd objective). No rejection here targets 1.5975/95 resistance zone later.
To the downside, broken wedge at 1.5710 act now as a support. If no rebond on it, a deeper consolidation towards 1.5650 range middle is likely (1st objective). If this level can’t hold and reject price, fall towards 2nd cluster support at 1.5560 may be seen (2nd objective). If no one of these supports are able to reject price to the upside, fall towards 1.5450/75 main trendline may follow, and a break below this level is negative. However, range break lower is valid only if price trades below 1.5420.
Published on Mon, Jun 30 2008, 14:50 GMT
Archive
- Multi TimeFrame Market Outlook: EURUSD
Published On Mon, Sep 22 2008, 13:55 GMT - Multi TimeFrame Market Outlook: EURUSD
Published On Mon, Aug 25 2008, 15:17 GMT - Multi TimeFrame Market Outlook: EURUSD
Published On Mon, Aug 11 2008, 14:21 GMT - Multi TimeFrame Market Outlook: EURUSD
Published On Mon, Jul 21 2008, 14:30 GMT - Multi TimeFrame Market Outlook: EURUSD
Published On Mon, Jul 7 2008, 14:52 GMT
WFXAdvisor
| 118 rue S. Allende, 92000 NANTERRE
http://www.wfxadvisor.com | ceo@wfxadvisor.com
Legal disclaimer and risk disclosure
All Technical Analysis and resulting conclusions and observations are based upon historical chart formations and patterns. Therefore, observations are a function of each analyst’s interpretation of the charts. Therefore, the analysis and trades presented is for informational purposes only. The opinions and estimates contained in this report are not either investment advice or a solicitation or recommendation to establish market positions. The reader accepts that by using the information, he or she will not hold WFXAdvisor responsible for any personal decisions. For the reason described above and the inherent risk of loss in trading foreign currencies, WFXAdvisor accept no liability for any damage that may directly or indirectly result from any advice, opinion, information or omission, whether negligent or otherwise contained in this report.Interested in forex trading? forex brokerage firms!
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.