Forex

Posts Tagged ‘retracement’

The downtrend on the USD/CHF continues. Downtrends present three possible entry opportunities: continuation, correction, or reversal. Due to the downtrend's strength it's very likely that a continuation and/or a correction (also known as a Retracement) will occur. The decision to focus on more selling pressure comes primarily from the Channel

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EURUSD Recovery off 1.25861.2625, 24/31 Aug lows has reached 1.2855, just below off 1.2870, 38.2% retracement of 1.3332/.2586. To resume recovery, break above 1.2931 is required, while loss of 1.2740 would signal bear resumption.

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EURUSD Remains in recovery mode off 1.2586/1.2625, 24/31 Aug lows. Yesterday’s breach at 1.2741/78 resistance zone has so far seen 1.2855, with slight ease expected to precede fresh gains to test 1.2870, 38% retracement of 1.3332/1.2586 downleg. However, while 1.2870/1.2931 zone holds, the latest rally is seen corrective. Only break above the latter would signal stronger recovery.

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• Today’s Market Outlook (0)
• Today’s Market Outlook (0)

The EUR/GBP found support at 0.8150. There was a strong move today that may have to do with end-of-month payments from UK to the Europea Union. The overall mode is still bearish and a long-intermediate term trendline is still above, but not too far away, near 0.8340 (50% retracement). We

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EURUSD Failed to extend recovery off 1.2586, with reversal emerging from 1.2778, just above 23.6% retracement of 1.3332/1.2586 downleg. This has completed a rising wedge and market now looks for retest of 1.2586, break of which will open 1.2522 and 1.2480.

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• Today’s Market Outlook (0)
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Support at 1.2650 is again under pressure as the euro failed to maintain its course, erasing most of last week's gains. Next downside barrier comes below 1.2650 at 1.2590/05 which is also the 50% retracement of 1.1875-1.3335. Short-term studies are bearish and will remain that way while 1.2900 is not

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• GBP/USD: Stalking Pullback (0)
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Price action on USD/JPY (a 4-hour chart of which is shown) as of Thursday (8/26/2010) has made a bullish retracement after hitting a low just above its 83.50 downside support target just two days ago. This occurs within the context of an accelerated bearish trend extending from the early June

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The USD/CHF has so far behaved as anticipated throughout the Asian and European session. It is now at a swing projection that completes an ab=cd retracement pattern just below 1.0450. A swing projection was given in yesterday's post from this level if topping action occurs. The current 4H candle is

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EURUSD Continues to trend lower, extending weakness off 1.3332, 06 Aug peak, approaching 1.2605, 50% retracement of 1.1875/1.3332 upleg. Break here to open way towards 1.2522, 13 July low, next. Upside, 1.2683/1.2728 expected to cap.

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• EURUSD Bears in Control (0)
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The euro fell for 4th day against the dollar, approaching the median retracement of last upward swing from 1.1875 to 1.3335 at 1.2605. Current bias is definitely to the downside and more pressure is likely but the euro may find support around 1.2600, the 50% retracement. In case of upside

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