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Forexpros.com Daily Analysis - 27/05/08

Discussion in 'Fundamental Analysis' started by ForexAnalysis, May 27, 2008.

  1. ForexAnalysis

    ForexAnalysis Contributing Member

    Apr 13, 2008
    Likes Received:
    Daily Forex Analysis


    Main Trend: Up
    Main Trend Top: None
    Main Trend Bottom: 1.5283 (05-08-08)

    Current Pattern: Reversal Top 1.5814 (05-22-08)


    1.6019 Main Top (04-22-08)
    1.5894 Gann Angle Down
    1.5814 Closing Price Reversal Top (05-22-08)
    1.5769* Gann Angle Down

    1.5771 New York Close

    1.5803* Gann Angle Up
    1.5549 50% Retracement
    1.5543 Gann Angle Up
    1.5486 .618 Retracement


    05-23 180 Day Cycle
    06-03 180 Day Cycle
    06-05 Anniversary Date Top (06-05-07)


    The Main Trend is up. The closing price reversal top at 1.5814 on 04-22 has not been negated nor confirmed. A trade through 1.5814 negates the reversal top. A trade through 1.5612 confirms the reversal top.

    If the reversal top is confirmed then look for the start of a retracement to 1.5549 to 1.5486.

    A down trending Gann angle at 1.5769 is providing resistance. Regaining this angle would put the market in a strong position to rally. The next upside target would be a down trending angle at 1.5894.

    Up trending Gann angle support comes in at 1.5803. A failure to hold this price indicates weakness and a possible break back to up trending support at 1.5543.

    The read today is how the forex market trades at 1.5803 and 1.5769. These two angles are controlling the short-term direction of the market.

    Go the way of the move on a breakout of either angle.

    Written by James Hyerczyk

    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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