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Multi TimeFrame Market Outlook: EURUSD

Mon, Jul 21 2008, 14:30 GMT
by David Gaudre

WFXAdvisor


Weekly :

EURUSD Weekly Chart

Last week sees a test of main channel trendline.. rejection has been immediate, but price still above triangle.. Expected trading range for coming weeks extends from 1.5740 to 1.6110.

To the upside, immediate resistance at 1.59 act as a weekly pivot. Break above is needed to target channel high at 1.6025 (1st objective). If this level does not reject price, we may see a continued rise towards 138.2% FE at 1.6116 (2nd objective). In any case, a daily close above 1.60 handle will be a strong buy signal. 

To the downside, triangle low at 1.5730/50 act as a primary support. If reached, a rebound on this level is highly possible. However, if price fall below this 1.5730/50 support, fall towards 1.5670 will follow (1st objective). No rejection here will let prices fall towards triangle lows at 1.55 (2nd objective).

 

Daily :

EURUSD Daily Chart

Last days sees a correction from 1.60 top.. still inside a raising wedge.. Expected trading range for coming days entends from 1.5860 to 1.6030.

To the upside, 1.5785 ealier resistance is now support. While above, thie bias remain positive. Wedge high at 1.5960 (1st objective) has to be outperformed to valid trend continuation. Then, main resistance in the 1.6010/40 area (2nd objective) is the main level to watch Above there, -23.6% fib. projection put next target at 1.6195.

To the downside, break below 1.5820/40 minor support turns the bias neutral, and a test of 1.5775/85 main support may follow (1st objective). Break lower below this level turns the bias negative for a test of the 1.5650/90 cluster support. (2nd objective). Break below 1.5650 is negative.

 

4-Hours :

EURUSD 4-Hours Chart

Last week sees downward, volatile, and spiked consolidation. Early trading hours this week shows a break higher of last consolidation triangle.

To the upside, while above 1.5820 the bias is positive. 1.5875 minor support may hold & reject price towards 1.5935 minor resistance (1st objective). Then, if no rejection, there’s nothing strong before 1.6040 top (2nd objective). Above there, it’ll meet daily/weekly objectives.

To the downside, break below 1.5820 turns the nias neutral to negative. This first valid support zone comes at 1.5750/75 (1st objective). If no rebound on it, correction towards 1.5710 minor support and then range low at 1.5610 is likely (2nd objective)

Published on  Mon, Jul 21 2008, 14:32 GMT


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