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Multi TimeFrame Market Outlook: EURUSD

Mon, Jul 7 2008, 14:52 GMT
by David Gaudre

WFXAdvisor

Weekly :

Attempt above triangle towards 1.59 rejected..Eur still in corrective mode.. Expected trading range for coming weeks extends from 1.5485 to 1.6010.

To the upside, the consolidation in still the upper-side of the triangle, and while above 1.5580, a first test towards triangle high at 1.5760 can’t be ruled out (1st objective). If 1.5760 resistance is outperformed, price may then rallies towards 1.59 last week top (2nd objective). A break above this level targets 1.60 main channel high.

To the downside, minor support at 1.5580 act as pivot point. A break below this level will allow price to test lower supports in the 1.5450/90 zone (1st objective). If no rebound here, a deeper fall towards multi-months trendline at 1.5390 will follow (2nd objective).

Daily :

1.59 proven to be a strong resistance, Euro remain in the main consolidation range. Expected trading range for coming days entends from 1.5560 to 1.5890.

To the upside, 1.5620 minor support currently reject prices, and while above this level, a test of 1.5720/40 minor resistance is possilble (1st objective). However, a daily close above this resistance is needed to expect further upmove towards 1.7590 – 1.5810 resistance zone (2nd objective). This resistance zone has to be cleared in order to see a Euro challenging once gain the 1.59 level.

To the downside, pullback in main consolidation triangle allow prices to correct much lower.. If Euro can’t hold above 1.5720/40 minor resistance, further downmove towards 1.5590 may be seen (1st objective). If no rejection here, 1.5550 main support may hold & reject prices (2Nd objective). If no rejection, expect a more pronounced downmove  towards 1.5450.

 

4-Hours :

Euro vertical correction now sees consolidation. Price remain the main raising wedge, and the current trading of (1.5450 – 1.5590) is still valid.

To the upside, the 1.5620 support act as a pivot point. While above, and depending on oscillators situation and candlestick patterns, further upmove may be seen towards 1.5760 first (1st objective). If the move is impulsive and can be sustained above this level, a test of 1.5820 may follow (2nd objective).  A break above 1.59 is needed to clear raising wedge consolidation pattern.

To the downside, break below 1.5620 means a deeper correction is coming. Below this level, there’re really not much supports until 1.5540 (1st objective). A break below targets 1.5460 wedge low later this week. A break below 1.5460 wedge low is needed to turn the bias negative.

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Published on  Mon, Jul 7 2008, 14:56 GMT