EURUSD Weekly View
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  1. #1
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327

    Smile EURUSD Weekly View

    Hello,

    EURUSD looks to be in correction move from 1.3363 8 Dec swing high. Support is down to 1.3052 weekly low, resistance is up to 1.3290 weekly high.

    Below 1.3052, support is down to 1.3030 which marks the 38.2% fibonacci of 1.2482-1.3363 rally. An important level to watch if 1.3052 weekly low gives up.

    SHORT
    A violation of 1.3030 fibonacci support, followed by 1.3000 psychological and moreover 1.2980 will lead to more downside pressure towards 1.2920-30 area which contains 23 Nov low, and also marks the 50% fibonacci of recent rally. If that's violated look to the 1.276 area weekly low.

    LONG
    However, a clearance of 1.3290 thereafter 1.3300 psychological will confirm a resumption of the uptrend and should target 1.3363, then 1.3481 and 1.3667

    OVERALL
    38.2 fib should remain intact, together with 1.2980-1.3000 to stop and reverse the bias to upside again. however a break thru 1.3244, then 1.3290 will signal that correction is over, and uptrend is resuming.

    Good luck !
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    Last edited by topchess; 12-28-2006 at 07:07 AM.

  2. #2
    Join Date
    Dec 2006
    Location
    Norristown, PA
    Posts
    450
    Nice analysis. It also looks like an inverted head & shoulders pattern in which it broke the neckline and shot up 35 pips



    Quote Originally Posted by topchess View Post
    Hello,

    EURUSD looks to be in correction move from 1.3363 8 Dec swing high. Support is down to 1.3052 weekly low, resistance is up to 1.3290 weekly high.

    Below 1.3052, support is down to 1.3030 which marks the 38.2% fibonacci of 1.2482-1.3363 rally. An important level to watch if 1.3052 weekly low gives up.

    SHORT
    A violation of 1.3030 fibonacci support, followed by 1.3000 psychological and moreover 1.2980 will lead to more downside pressure towards 1.2920-30 area which contains 23 Nov low, and also marks the 50% fibonacci of recent rally. If that's violated look to the 1.276 area weekly low.

    LONG
    However, a clearance of 1.3290 thereafter 1.3300 psychological will confirm a resumption of the uptrend and should target 1.3363, then 1.3481 and 1.3667

    OVERALL
    38.2 fib should remain intact, together with 1.2980-1.3000 to stop and reverse the bias to upside again. however a break thru 1.3244, then 1.3290 will signal that correction is over, and uptrend is resuming.

    Good luck !
    Last edited by topgun; 12-28-2006 at 03:14 PM.

  3. #3
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327


    The inverted hammer of 27 Dec could just be the start?
    I mean the start of fresh rounds of euro buying. I believe if we broke thru 1.3300 again, the level will be in history. and focus will be shifted to 1.3478/83

  4. #4
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327
    Price Alert!

    1.3286 to 1.3290 resistance was tested nearby. On a successful break add to longs @ 1.3305 with a target near 1.3363.

    1.3363 remains the Weekly headache resistance, a break thru the latter will open up 1.3480 Weekly highs ahead of 1.3667.

    Good luck!

  5. #5
    Join Date
    Dec 2006
    Location
    Cairo, Egypt
    Posts
    327
    1-Week chart update:

    NFP coming.. please be careful

    Technical note, a break below 1.3030 fib support is required to turn the bias down, towards 1.3000 psychological and 1.2979 break level. I would not recommend turning your medium term trade to short until we break 1.2979.

    On other hand, a break above 1.3300 is now needed to confirm a resumption of the general uptrend.

    There is no intraday idea, be careful with the news release.


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