EUR/USD | Euro/Dollar | Fibonacci Retracement Levels | January 2011

Euro/Dollar | Fibonacci Retracement Levels | January 2011

The Euro/Dollar has reached its highest price in 2011 last week at 1.3754 and finally falling to close the week at 1.3610 on Friday. There is a strong potential reversal point around 1.3750 on this pair for a bearish retracement.

The price level located around 1.3750 on the EUR/USD was often solicited as a support in 2010, as you can see on the daily chart. This same level serves us now as a resistance and become an interesting turning point to enter in a bearish retracement.

The bearish retracement is invalidated by a failure of breaking 1.3551 (Fibonacci Level 23.6) or a new high. A break of 1.38 would lead us in a completely different scenario.

A break of 1.3551 would confirm the bearish retracement scenario for the EUR/USD.

Retracement Levels

Fib Level 0 (January High) : 1.3754

Fib Level 23.6 : 1.3551

Fib Level 38.2 : 1.3425

Fib Level 61.8 : 1.3210

Fib Level 100 (January Low) : 1.2873

EUR/USD | Technical Analysis | 27 January 2011

EUR/USD | Technical Analysis | 27 January 2011

This pair has risen to touch the underside of the old trend-line from the June lows. It has been unable to penetrate above however, and this morning a sharp sell-off brought prices down to 1.3637 breaking the trend-line of the move from Jan 10 lows in the process. A recovery rally has brought prices back into the range in the 1.3680s.

I think it is unlikely the move down is complete and a ‘C’ leg might unfold with a target of 1.3610 where the S2 daily pivot resides. Alternatively a continuation higher might reach the top of the range at 1.3725.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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EUR/USD | Technical Analysis | 25 January 2011

EUR/USD | Technical Analysis | 25 January 2011

This pair pulled back and continued rising yesterday as anticipated. It has now reached a substantial support and resistance level at around 1.3680 which is just short of the old major trend-line from the June lows which lies at 1.3720. It has begun correcting quite steeply from there and there is a rare and bearish Demark buy setup signalled today.

It is probable the correction has further to go and will reach the trend-line for the whole move up from January 10th at 1.3580, before perhaps reaching 1.3535 and then 1.3450. After that however the bullish trend should resume.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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EUR/USD Technical Analysis | 24 January 2011

EUR/USD Technical Analysis | 24 January 2011

We have had another retracement this morning which looks like it still has lower to go. A possible target for the drop could be trend-line support at 1.3525. After that it is likely the uptrend will resume perhaps reaching the substantial resistance levels in the 1.37s.

There is also a small possibility that this fall is part of a larger reversal which could break lower and target support and resistance in the 1.3440s.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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EUR/USD | Technical Analysis | 21 January 2011

EUR/USD | Technical Analysis | 21 January 2011

Today’s rally on low volume, however, is a sign of lack of conviction and could presage a decline. But the latest wave up from yesterday’s 1.3400 lows is too complex to indentify and gives us no clues as to future action. Read more

EUR/USD | Euro/Dollar | Wave Technical Analysis | 18 January 2011

EUR/USD | Euro/Dollar | Wave Technical Analysis | 18 January 2011

The EUR/USD has declined further, supposedly forming a corrective structure of the 4th wave of the whole uptrend section. At the same time the price decreased by 120 pips and tested the estimated correction level 38.2% Read more

EUR/USD Technical Analysis | 18 January 2011

EUR/USD Technical Analysis | 18 January 2011

Yesterday the euro-dollar pair pulled back in what was probably an Elliot wave 4 and then began rallying overnight, reaching higher in a wave 5 as anticipated.

t should reach the recent highs at 1.3450 and probably surpass them, with an eventual possible target of perhaps 1.3475, although initially I would expect it to match the highs. Read more

EUR/USD Weekly Technical Analysis Review | 17 January 2011

EUR/USD Weekly Technical Analysis Review | 17 January 2011

The EUR/USD is still in a Bearish situation, this is indicated by the Downtrend channell at the Weekly Timeframes. Event last week this pair closed above EMA 21, but the EMA Cross is in a Bearish mode too. However, the EUR/USD is supposed to test the 1.3320 level; if this pair can break and close below that level, this pair will find a new level at 1.3234 as the first target and 1.3161 as the second target. Read more