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Forex4you Technical Analysis 15 February 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Feb 15, 2011.

  1. forex4you

    forex4you New Member

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    EUR/USD: technical analysis

    The "bears" breached support range 1.3540 – 1.3500, but they were held back by another key support at level 1.3450/60 -1.3400. Having reached level 1.3420/30, the price returned to growth and it's currently making attempts to rise up to 1.3540/30. Indicators are changing their readings, which gives reasons to reconsider our expectations of further decline. Fixation above 1.3540 may indicate a possible reversal to growth. The final sign for the reversal upwards will be observed if the price returns to the uptrend channel sector (blue lines ). The present growth, however, can be considered as a correction within a down trend, so there is a chance that decline will recommence. Sideways consolidation within the range 1.3540/50 – 1.3460/50 is also a possibility. It's also worth noting, that the price has already been below level 1.3450, which somehow gives more reasons to expect the "bearish" trend to be dominating.

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    EUR/USD: technical analysis

    EUR/USD bounced off the support provided by the H&S’s neckline and has risen in a corrective rally to 1.3540. The move still looks robust and will probably go higher possibly to a cluster of resistance at about 1.3583. There there is the 50% Fibonacci line of the descent from the 8th Feb top and a price target for the end of the C leg of the possible zigzag up. The overall bearish conditions mean downside is still a possibility, however, with an initial target at the recent lows at 1.3427, which also happens to coincide with the level of the lower Bollinger Band and so would be expected to provide considerable support.

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    GBP/USD: technical analysis

    The "bulls" failed to raise the price above level 1.6060, so the trading is carried on within the range 1.6060 – 1.5980/90. Indicators don't show any particular direction, which makes the picture rather unclear. In this case, we should postpone our final decision until the price either retraces up and holds above level 1.6060/70 indicating further growth to 1.6330 – 1.6300, or holds below level 1.5990/80, giving reasons to expect the key support at level 1.5750/40 to be tested in the near future.

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    Forex4you

    Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
     
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