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Multi TimeFrame Market Outlook: EURUSD

Mon, Aug 11 2008, 14:21 GMT
by David Gaudre

WFXAdvisor


Weekly :

EURUSD Weekly Chart

Last week sees break of main consolidation triangle..to reach 2007 highs support. Expected trading range for coming weeks extends from 1.4760 to 1.5310.

To the upside, as long as above 1.4930 weekly support (2007 highs), price attempt a recovery towards 1.5140 initially (1st objective). If that level does not reject prices, continued corrective upmove towards 1.5305 cluster resistance can be seen (2nd objective). However, only a pullback above 1.55 will mean correction is over.

To the downside, fall below 1.4930 weekly support opens the door for a test of 1.4760 minor support (1st objective). Fall and/or weekly close below that level argue in favor of downside continuation towards 50% fib. retracement (of rise from 1.3350 to 1.5915) at 1.4640 (2nd objective).  Rebound Is awaited here, but if not, fall towards multi-year trendline at 1.4450 is expected.



Daily :

EURUSD Daily Chart

Last days sees a violent fall below the 1.50 level. Expected trading range for cming days extends from 1.4830 to 1.5170.

To the upside, Monday opened below multi-month trendline and tries a pullback above it. If price can clear 1.5020/60 resistance zone, corrective move towards 1.5160 may be seen (1st objective). If 1.5160 does not reject prices, continued correction towards 1.5250 – 1.5310 cluster resistance zone may be seen (2nd objective).

To the downside, Monday opened on 138.2FE witch is acting as daily support until now. Break below this one will let price fall towards 1.4790 – 1.4850 cluster support zone (1st objective). A rebound is expected here, but continued fall below 1.48 will damper this expectation for a test of the 1.46 handle later (2nd objective).



4-Hours :

EURUSD 4-Hours Chart


Price is moving according to a downside channel and moved from channel highs at 1.5605 to channel lows at 1.4950 in few sessions.. Price now consolidate above channel lows.

To the upside, 1.5090 immediate resistance has to be cleared in order to see a corrective move towards 1.52 intially (1st objective), en-route to 1.5305 main resistance (2nd objective). While below 1.54 – 1.55 resistance zone, bias remain negative.

To the downside, 1.4900/30 main support zone has to be carefully monitored. A break below targets the first profit-taking zone at 1.4720/50 (1st objective), ahead of a second profit-taking zone in the 1.4470 – 1.4515 area (2nd objective).

Published on  Mon, Aug 11 2008, 14:28 GMT


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