FxInstructor Technical Analysis on Euro & Cable

[fxinstructor]

Weekly-Euro And Cable November 26th

EUR/USD Technical View

Euro put in a 7th consecutive green bar on the weekly charts, as seen below, but this week's bar doesn't paint the whole story. Monday was an uneventful day, the pair formed a doji and closed slightly lower than it opened, on Tuesday we saw the big move of the week more than 200 points and a break above the 1.4800 round number, after that EurUsd started to slow down and Wednesday and Thursday the price didn't move that much with many traders taking a day of due to the holiday in the US. Friday was a spectacular day with price surging higher in the Asian session coming close to the 1.5000 psychological target but failing to reach it, looking at the weekly chart below we can see the pair achieved it's projected Fibonacci Expansion target at 1.4940 area and with this in mind we expect to see some consolidation in the following days, perhaps even a retracement towards the 1.4700/1.4735 support area. Staying above 1.4800 will certainly maintain the pair in line with the bullish trend and a push towards Friday's high at 1.4966 will get us closer to the 1.5000 man target.



Resistance Levels

* 1.5000-- round number
* 1.4966- Nov 23rd high
* 1.4735 –Nov 9th High

Support Levels

* 1.4500- round number
* 1.4300 – Sept 30th High
* 1.4000 – Round number
* 1.3850 – July 24th High


GbpUsd Technical View


GbpUsd traded around the 2.0500 area on Monday before it pushed higher an touched the 2.0650 resistance level on Tuesday, for the rest of the week the pair traded below this resistance although it tried more than once to break above it; Friday's brought us the biggest move with the pair getting close to another resistance level at 2.0775 but at the end of the day it closed just a few pips above 2.0600 and thus reinforced the 2.0650 resistance area. Cable retraced to the 50.0 Fib line of the 2.1144/2.0348 down move and while trading below the 2.0650 resistance we expect a new test of the 2.0500 area and of the up sloping trendline we have marked on our charts, a decisive break of these two support areas will signal a change in trend and bring to our attention the possibility of a down mow towards the 2.0000 level. On the other side getting above 2.0650 is the short term bullish objective and once that is achieved the focus will shift on the pairs next resistance at 2.0700, above that we have the 2.0775 area which is a projected bullish target for the last few days


Resistance Levels

* 2.1148 – Nov 9th High
* 2.1065 – Nov 7th High
* 2.0650 – July 24th High

Support Levels

* 2.0460 – August 3rd High
* 2.0365 – September 12th High
* 2.0200 – Round number

 

[fxinstructor]

Euro And Cable Nov 27th

EUR/USD Technical View

Euro traded between the 1.4800 support and 1.4900 resistance levels on Monday and has done so in today's Asian session, both of the levels mentioned proved to be significant ones. While trading above 1.4800 the pair maintains its bullish bias but we have to be careful as we are in an overbought area on the daily charts and downside pressure is increasing. Getting above yesterday's highs and above the 1.4900 round number will open up last weeks high at 1.4966 as the next target before the 1.5000 psychological level. Conversely a slip under 1.4800 will shift focus towards the 1.4700/1.4735 support area which is seen as the closest and most important place where a down move can find a base for reversal.



Resistance Levels

* 1.5000-- round number
* 1.4966- Nov 23rd high
* 1.4735 –Nov 9th High

Support Levels

* 1.4500- round number
* 1.4300 – Sept 30th High
* 1.4000 – Round number
* 1.3850 – July 24th High


GbpUsd Technical View


GbpUsd moved higher on Monday forming higher highs, and although the move didn't have that much energy the pair touched the 2.0750 area early in the Asian session before starting to retrace to yesterday's mid point at 2.0675. Cable looks like its trying to find some momentum for another leg up aiming at the 38.2 Fib line at 2.0840 before getting close once again to the 2.1000 area. Failure to break decisively above the 2.0775 resistance will push the pair lower or at least we'll see a consolidation range while gathering momentum.



Resistance Levels

* 2.1148 – Nov 9th High
* 2.1065 – Nov 7th High
* 2.0650 – July 24th High

Support Levels

* 2.0460 – August 3rd High
* 2.0365 – September 12th High
* 2.0200 – Round number

 

[Alya]

has it any signal provided upon enrollment as a subscriber?

 

[fxinstructor]

we are not a clasic signal service..we discuss trades and setups in the live trading room as they happen but we don't send out signals

 

[fxinstructor]

Daily Forex Technical View - November 28, 2007

EUR/USD Technical View

Euro tried to move higher on Tuesday but although it touched the 1.4900 level it failed to stay up there and started to move lower in the second part of the US session; the move continued in today's Asian session and early European trading hours. The pair broke the 1.4800 support level and moved sharply towards the next support area at 1.4700/1.4735, a place where we are trading at the moment. A continuation south will have to push the pair through some tough support levels and an upsloping trendline that we have marked on the chart below, with that in mind we think EurUsd will slow down and trade around the current level for a while until we get some market moving data from the Us.



Resistance Levels

* 1.5000-- round number
* 1.4966- Nov 23rd high
* 1.4735 –Nov 9th High

Support Levels

* 1.4500- round number
* 1.4300 – Sept 30th High
* 1.4000 – Round number
* 1.3850 – July 24th High


GbpUsd Technical View


GbpUsd failed to break above last weeks high and after reaching the 2.0755 area it slipped lower and broke under the 2.0650 support level making a daily low at 2.0580. The bullish trend has come to a halt but the pair hasn't completely reversed to the south side, we have been trading inside a 250 points range for the last few days with neither bulls or bears getting the upper hand. On the short term the next bearish target is the 2.0500 area where the pair should find additional support while on the north side we have to aim for the 2.0755/2.0775 area which is the closest resistance zone.


Resistance Levels

* 2.1148 – Nov 9th High
* 2.1065 – Nov 7th High
* 2.0650 – July 24th High

Support Levels

* 2.0460 – August 3rd High
* 2.0365 – September 12th High
* 2.0200 – Round number

 

[fxinstructor]

Weekly-Daily Forex Technical View - December 3, 2007

EUR/USD Technical View

EurUsd traded above the 1.4800 level for the first three days of the week, but after a failed attempt at breaking lower on Wednesday the second try was successful and we witnessed a drop on Thursday and Friday, a drop that broke through the 1.4700/1.4735 support area and got very close to the 1.4600 round number which is the 61.8 Fibonacci retracement line of the last leg up from 1.4000 to the YTD high at 1.4967. Looking at the recent price action we can expect that the down move to continue although a retest of the trendline the pair broke through on Friday is to be expected, that should offer a new opportunity to enter short. Moving below the 1.4600 round number and a second trendline connecting higher lows on the daily chart will open up the 1.4500 area as a bearish target, an area which coincides with the 50.0 Fibonacci of the above mentioned move up.

Resistance Levels

* 1.5000-- round number
* 1.4966- Nov 23rd high
* 1.4735 –Nov 9th High

Support Levels

* 1.4500- round number
* 1.4300 – Sept 30th High
* 1.4000 – Round number
* 1.3850 – July 24th High


GbpUsd Technical View


Cable tried to move higher but found tough resistance around the 2.0750 area and on Thursday it started to move lower, it lost over 200 points in the last two days of the week and appears to have validated the bearish flag we mentioned in our previous commentary; a bearish flag on the daily charts that has a projected target close to the 2.0000 round number. Closest support level is an ascending trendline just below the 2.0500 level once the pair gets that low we enter into a former consolidation range formed in first half of October and we get closer and closer to the 2.0365 support level established on September 12th. Conversely if the pair heads back up north we once again find the 2.0750/2.0775 area as the closest resistance that needs to be broken in order for the pair to push on higher.



Resistance Levels

* 2.1148 – Nov 9th High
* 2.1065 – Nov 7th High
* 2.0650 – July 24th High

Support Levels

* 2.0460 – August 3rd High
* 2.0365 – September 12th High
* 2.0200 – Round number

 

[fxinstructor]

Daily Forex Technical View - December 5, 2007

EUR/USD Technical View

EurUsd Moved higher yesterday but not much, only until it found resistance at the ascending trendline it broke on Friday, after that the pair has started to slip lower and is once again approaching the 1.4700 area from above, if it has enough energy to break both the 1.4700 support and the bigger trendline we will have a confirmation that the mid term trend has changed and we can expect a stronger move south. Conversely a failure to print a new week low and considering the oversold status on the daily charts puts additional bullish pressure on EurUsd, pressure that might be enough to halt price action around these levels or even move it higher.

Resistance Levels

* 1.5000-- round number
* 1.4966- Nov 23rd high
* 1.4735 –Nov 9th High

Support Levels

* 1.4500- round number
* 1.4300 – Sept 30th High
* 1.4000 – Round number
* 1.3850 – July 24th High


GbpUsd Technical View


Cable failed to make a higher high yesterday on the daily chart and has slowly moved lower until this morning when we saw a sharp fall that brought the pair below the 2.0500 support area and even broke the ascending trendline connecting the August, September and November lows, this move is in line with our expectations of a bearish flag that has triggered and has as future targets the 2.0365 level, former resistance now turned into support and lower down the 2.0020 area. We can expect a retest of the trendline we just broke, as that is a major support level and a good place for bullish traders to put up a fight.





Resistance Levels

* 2.1148 – Nov 9th High
* 2.1065 – Nov 7th High
* 2.0650 – July 24th High

Support Levels

* 2.0460 – August 3rd High
* 2.0365 – September 12th High
* 2.0200 – Round number

 

[fxinstructor]

Daily Forex Technical View - December 7, 2007

EUR/USD Technical View

EurUsd moved lower in the European session on Wednesday and found support at an ascending trendline connecting 2 October swing lows and after the ECB rate announcement the pair pushed back up to retest the other trendline we've been mentioning, a trendline that now has turned into resistance and so far it has held the pair below it. Until Euro break above yesterday's high point at 1.4660 we maintain our bearish bias and expect a tight range today until the US NFP numbers get released and perhaps even a second try at breaking the 1.4500 support area.

Resistance Levels

* 1.5000-- round number
* 1.4966- Nov 23rd high
* 1.4735 –Nov 9th High

Support Levels

* 1.4500- round number
* 1.4300 – Sept 30th High
* 1.4000 – Round number
* 1.3850 – July 24th High


GbpUsd Technical View


Cable formed a doji bar on the daily charts as a result of the BOE interest rate cut of 0.25% when many traders were expecting half a point. Although this is usually an exhausting pattern, the down move still has some potential as it has not reached its projected target of 2.0020, so if the pair breaks a new low later on today or early next week will get the pair very close to our expectations. On the other hand trading this close to the lower side of the ascending channel it has trading in for the last several months is going to put some bullish pressure on the pair, and we have to be very carefull trading around and below the 2.0100 area.


Resistance Levels

* 2.1148 – Nov 9th High
* 2.1065 – Nov 7th High
* 2.0650 – July 24th High

Support Levels

* 2.0460 – August 3rd High
* 2.0365 – September 12th High
* 2.0200 – Round number

 

[fxinstructor]

Weekly-Daily Forex Technical View - December 10, 2007

EUR/USD Technical View

EurUsd formed a doji bar on the weekly chart finding support at an ascending trendline connecting higher lows and getting very close to the 50.0 Fibonacci retracement line of the move up from 1.4000 to the YTD high at 1.4967. The pair moved higher for the first two days of the week and after that we saw a big down move on Wednesday that continued until the ECB rate announcement on Thursday after which the pair started to move up again and finally closed the week very close to the opening levels from Sunday night. Having an oversold status on the daily and 4 hour timeframes we can expect the 1.4600 support level to hold and while above that we should look for a retest of Tuesday's high at 1.4770. On the other hand if the pair slips below 1.4600 the next support is the 1.4500 area where we can observe the 50.0 Fib line mentioned above and the ascending trendline, all of these should offer some decent support and a break under it could trigger a much bigger move.

Resistance Levels

* 1.5000-- round number
* 1.4966- Nov 23rd high
* 1.4735 –Nov 9th High

Support Levels

* 1.4500- round number
* 1.4300 – Sept 30th High
* 1.4000 – Round number
* 1.3850 – July 24th High


GbpUsd Technical View


Cable continued to move lower this week, after the bearish flag we've kept mentioned got triggered. After a retest of the 2.0650 resistance on Monday the pair moved straight down getting below the 2.0200 area on Thursday when the BOE cut the interest rate by 0.25%; we saw a small retracement on Thursday afternoon and on Friday but while the price is under the 2.0365 resistance we can expect the down move to continue towards its projected target of 2.0020. As seen in the chart below the pair is getting closer to the lower side of the ascending channel it has been trading in for the last few months and although we expect a push towards the 2.0020 area, trading below 2.1000 will make us monitor very closely the price action as a bounce back from that support level is not out of the question.



Resistance Levels

* 2.1148 – Nov 9th High
* 2.1065 – Nov 7th High
* 2.0650 – July 24th High

Support Levels

* 2.0460 – August 3rd High
* 2.0365 – September 12th High
* 2.0200 – Round number

 

[fxinstructor]

Daily Forex Technical View - December 12, 2007

EUR/USD Technical View

EurUsd slipped lower in yesterday's US session and failed to reach last weeks high at 1.4770, after the FED interest rate announcement it actually fell below the 1.4700 round number. So far today it has retraced to the middle of Tuesday's range but we are once again trading below 1.4700 and expect the pair to resume it's down move, first target is the 1.4600 level before getting closer to last weeks lows at 1.4525 and that ascending trendline we have marked on our daily chart seen below. Conversely a push above 1.4770 will force us to look at future resistance areas and will bring forward the current YTD high at 1.4967 as the main bullish target.

Resistance Levels

* 1.5000-- round number
* 1.4966- Nov 23rd high
* 1.4735 –Nov 9th High

Support Levels

* 1.4500- round number
* 1.4300 – Sept 30th High
* 1.4000 – Round number
* 1.3850 – July 24th High


GbpUsd Technical View


Cable had a spectacular day on Tuesday, after it pushed higher and found resistance at the 2.0500 area we saw it make a dash move south and being supported by the FED interest rate decision covered more than 200 points and only halted just below the 2.0365 support level. Same as the Euro, GbpUsd has retraced to retest the middle yesterday's range and is now heading once again lower; first target is of course the 2.0365 area and if we get there we will have too look at last weeks low at 2.0180 as the main mid term bearish target and support area. The overall status of this pair is bearish although the last few days we have seen a decent retracement; but as long as we are seeing lower lows and lower swing highs formed on the daily chart we maintain our view.



Resistance Levels

* 2.1148 – Nov 9th High
* 2.1065 – Nov 7th High
* 2.0650 – July 24th High

Support Levels

* 2.0460 – August 3rd High
* 2.0365 – September 12th High
* 2.0200 – Round number