Euro seems failed to break support at 1.0560. This could lead to an impending bullish move that will bring the euro to retest the upper downtrend channel and likely to break it to go to touch 1.0710 area
Key support 1.0710, placed near the bottom of the downtrend channel, it was felt that the euro has reacted with a bullish move, which could lead to re-test the upper parts of the channel. Key levels are 1.0810 and 1.0840. I expect on these levels a reaction euro that could bring down, again, to break up the lower part of the channel.
The euro, has formed a bearish channel. His break, lead the euro to 1.0560.
Important the area 1.0710, the low part of the channel, which could trigger a bullish movement or, to rupture a bearish move.
The euro, after breaking down the 1.0860-1.0810 area, is testing the 1.0710 support. The formation of the bullish cypher, could bring an impending bullish movement though not surprise me to see the first euro at the price of 1.0560. I highlighted with key levels to be considered for this week
It seems that the euro is willing to go down to test the first support zone at 1.1340. The euro at the time, could continue to decline or return to follow the uptrend to break the downtrend channel. Key levels at present are: 1.13524 - 1.13775 - 1.13836
If the price does not break 1.1753, most likely the price could reach a minimum area 1:19. I highlight in green the points of interest. Moreover, if the price does not exceed the 76.4 Fibonacci, most likely we will see the formation of a pulse wave.
The short-term bullish momentum remains intact until the support holds at 1.6680 area. The corrective phase from the graph looks like ABC is finished. The formation of a new first bullish wave remains favored.
The couple was GBP / USD breached the resistance level at 1.6820-40 after being tested several times in the short. The strong break of this level, has led to a strong movement towards the resistance at about 1.70 (up to 05.08.2009). The short-term bullish momentum remains intact until the support holds at 1.6680 area. In the very short term, given the two figures...
The couple was GBP / USD did not breach the resistance level at 1.6820. The level was tested three times in the short, without being violated. A strong break above this level would bring a strong movement towards the next resistance which stood near 1.70 (Maximum of 5/8/2009). The short-term bullish momentum remains intact as long as the support holds at 1.6680...
GBP/USD: Sitting at the channel floor. Yesterday’s bounce from the channel floor has likely squeezed some of the shorts out of the market so the likelihood of a new and perhaps more successful downside attempt must be considered high. Last week’s bearish candle and the weekly bear divergence are two other factors that are weighing on the pair suggesting a soon break lower.
The maxima and minima depend on psychological factors and, therefore, are more evident on the graph. The most famous formation is the highest the head and shoulders. There is a very common variant of the head and shoulders formation, consisting of three push towards a maximum. This pattern often develops as part of training culminating at the highest bigger and...