forexws-today: eur/usd february 2011

Showing posts with label eur/usd february 2011. Show all posts

Monday, February 7, 2011

EUR/USD | Technical Analysis | 7 February 2011

The final wave of selling on Friday occurred after the release of the unspectacular Non-Farm Payrolls’ data, and after a brief rally there has been further selling since. A break below the 1.3543 lows would be a strong bearish signal.

Further moves down could be expected to reach the next band of support at 1.3480. If prices find support at the lows, however, and launch a recovery rally higher, then the may reach resistance highs at 1.3650.

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Thursday, February 3, 2011

EUR/USD | Euro/Dollar | Technical Analysis | 3 february 2011

This pair has fallen back down to support from the major trendline from the June ‘10 lows, as anticipated. From here it could launch another rally with a target just short of the recent highs at 1.3850.

Alternatively there is a possibility of a break down – possibly even a collapse. If so then the next substantial support grouping at 1.3650 could be expected to at least stall any bear moves.

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Wednesday, February 2, 2011

EUR/USD | Euro/Dollar | Technical Analysis | 2 February 2011

Yesterday the exchange rate rallied and broke through the major trendline from the June ’10 lows. Since then it has fallen back to just above that same trendline and it could find support there at around 1.3780. The fall looks like a small Elliot wave 4 of the recent rise and once it has completed wave 5 may rise back up to possibly match the highs at 1.3850.

After that it is possible the exchange rate will fall again given the move from the 10th Jan looks complete. This may imply the trendline break yesterday was only temporary - a view supported by the muted activity today. A target for a fall could be the support clustered around 1.3650.

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