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Anticipate Market Trends. Make More Profitable Trades. Get Daily Forex Research & Technical Analysis Trusted By Thousands of Traders.In This Issue:
GBPUSD: Price Extension Envisaged - The pair followed through lower on its nearer term declines off the 1.6875 level on Friday decisively violating its...
EURUSD: The 1.4782/1.4625 Levels Keep MT Bias Higher - Even though EUR put in a negative performance the past week following its failure at the 1.5014 level, its Nov 16’09To
EURUSD
EURUSD: The 1.4782/1.4625 Levels Keep MT Bias Higher
EURUSD - Even though EUR put in a negative performance the past week following its failure at the 1.5014 level, its Nov 16’09 high and its subsequent weakness, as long as its current setback maintains above the 1.4782 level, its MT rising trendlineand its Nov 03’09 low at 1.4625, we look for an eventual resumption of its broader medium term uptrend. With that said, immediate threats still remains lower towards its mentioned trendlineahead of its Nov 03’09 low at 1.4625 with a break of the latter deepening further retracement and exposing the 1.4479 level, its Oct 02’09 low. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, a halt of further downside losses should put the pair on the path to further upside move towards its Nov 16’09 high at 1.5014 with a turn above there targeting its YTD high at 1.5062. A settlement above the latter will resume its medium term uptrend and set the stage for a move towards the 1.5082 level, its Aug 10’08 high and then its 1.5283 level, its May 04’08 low
GBPUSD
GBPUSD: Price Extension Envisaged.
GBPUSD - The pair followed through lower on its nearer term declines off the 1.6875 level on Friday decisively violating its short term trendlineand taking out the 1.6514 level. This development continues to put GBPUSD under pressure with risk seen towards the 1.6260 level especially now that a bearish engulfing candle pattern(top reversal signal) was printed the past week supported by a negative RSI.
This leaves a challenge on its recovery from the 1.5706-1.6875 levels targeting the 1.6260 level, its Nov 03’09 low and then its Oct 26’09 low at 1.6249.
These key levels have to hold if tested to prevent the pair from declining further and targeting its bigger support standing at its Oct 30’09 high at 1.6124 level and then the 1.5706 level, its Oct 13’09 low. On the other hand, to reverse its current downside pressure, GBP must decisively break and hold above the 1.6875 level to indicate further upside incursions towards its YTD high the 1.7041 level. A break above there is required to resume its MT uptrend and aim at higher prices towards its .50 Ret (2.1160-1.3501 decline) at 1.7314 and then the 1.7630 level, its Oct 12’08 high.
