Do not underestimate the power of price patterns, support/resistance, and Fibonacci. What others may consider old and useless, a quick look over the EURUSD price action would contradict them. From November to present time we can see that the wedges worked beautiful, before the end of 2012 the rectangle was the king, and afterwards the triangle took its place. The...
...breakout over 1.33, but it seems like it wasn't enough. The dollar is getting some steam from JPM and GS ernings.
GBPUSD walks on a thin line. 1.6 level is holding for the moment pretty well, but if the pressure will rise, it might fall. Under it the price will find support at 1.5920. On the other hand, if the buyers will prove themselves strong, will push the price back over 1.6030
The market needs to take its breath. We have a beautiful divergence on the RSI, and a range. A down break from this range could get the price to retest 38.2 Fibo retracement.
Pretty hard to say what the new direction would be. We have a symmetrical triangle on an up trend, the odds would be for the continuation, but the break of the trend line might be a negative signal. Over the upper line the new target would be 117.00, under the lower one 112.40.
This period seems to be calm, we can see the price consolidating between 1.3 and 1.3080. A break from here can tell us which will be the direction. Target 1.3140 for the up break and 1.2890 for the down break.
We might see a short bounce back to 1.3080/1.31 before continuing the downtrend under 1.3.
We have a very nice Engulfing right over the 500 level. We might see a retest on 571 before taking a clear direction.
EURUSD has come back to 1.3 - 1.320 zone. A good short signal from here might push the euro back to 1.2950.
The consolidation continued in the rectangle, and the current price action, makes me think that this pattern will become a triple top.
The EURUSD has consolidated itself in a symmetrical triangle. A break over the upper boundary might send the price back to 1.2915, while a drop under the lower one might open the way for a down move to 1.2840.
Looks like Exxon wanted to test 50% retrace before continuing its uptrend. If the price will breakout from the triangle, we'll have a good signal for long with the last top as target.
After the breakout from the rising wedge, the price retraced 50% and retested the trend line. The target for a possible fall would be the last through near the 30 level.
The last short didn't activate, and the trend continued...now it looks a bit tired. A drop under 1.31 might make way for a correction back to 1.3020.
The USDJPY has consolidated itself right after it broke out of the uptrend channel. To continue the recent move, it will have to get over 82.81 to reach 84. On the other hand a drop under 81.66 could signal a retest on the 80.60.
The Buyers are strong on the Yahoo, but to keep on rising, a correction is needed. Average volume on the last session, low volume on the last 2 up candles....good resistance, nice mix for a short back to 18$
After touching the channel line, we might see a drop back to 81 before continuing the uptrend.