EUR/GBP candlestick analysis for September 12, 2011
In a 4-hour graph the EUR/GBP pair has finally broken out of the trading range 0.8891-0.8642. The viewpoint at the pair became bearish again.
Earlier in a 4-hour graph the EUR/GBP formed a Dark Cloud Cover candlestick combination indicating downside movement confirmed further.
This candlestick combination was demonstrating strong upside movement after a fail to break 0.8720. However, it reversed near 0.9083. It means that the bears activated near 0.9100 and did not allow the bulls to fixate.
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EUR/GBP candlestick analysis for September 13, 2011
n a 4-hour graph the EUR/GBP pair is rolling back slightly after a sharp decline to 0.8500. Nevertheless the viewpoint at the pair remains bearish.
Earlier in a 4-hour graph the EUR/GBP formed a Dark Cloud Cover candlestick combination indicating downside movement confirmed further.
This candlestick combination was demonstrating strong upside movement after a fail to break 0.8720. However, it reversed near 0.9083. It means that the bears activated near 0.9100 and did not allow the bulls to fixate.
Fixation below the Fibonacci correction level 23.6 denotes that this point of view is correct. This caused a decline to the support level 0.8860 where the Fibonacci correction level 61.8 is located as well. Its break caused downside movement to 0.8720. Fixation below 0.8720 enabled the pair to reach 0.8500.
As mentioned before, in case the pair closes above the resistance level 0.8891 short positions should be closed as this break will target the pair to 0.9000.
USD/JPY Candlestick Analysis for September 14, 2011
The USD/JPY pair is demonstrating a decline after growth to the Fibonacci correction level 38.2. Earlier in a 4-hour chart USD/JPY formed Long Shadows candlestick which gives a growth signal, which was confirmed later.
This candlestick demonstrates that the currency pair was declining for a few weeks but rebounded near the 75.94 level which means that the bears were not able to fixate at that level and the bulls started to prevail.
Test of the Fibonacci correction level 23.6 confirms the viewpoint. This is likely to trigger an upturn targeted to resistance at 79.42 where the Fibonacci correction level 61.8 is positioned.
The MACD divergence also confirms the increasing trend.
It should be mentioned that if 76.30 is broken, long trades must be closed as this will target the pair to 75.94.
EUR/JPY candlestick analysis for September 15, 2011
In a 4-hour graph the EUR/JPY currency pair is demonstrating consolidation after a sharp decline earlier. Nevertheless the viewpoint at the pair remains bearish as the downtrend remains.
Earlier in a 4-hour graph the EUR/JPY formed a Long Shadows candlestick indicating a decline confirmed further. This candlestick was formed amid a rollback after a breakthrough of an upside channel, which means that the bears dominate on the market.
Besides, the currency pair broke the support level 110.10 which proves this point of view. Further another bearish combination Three Falling Methods was formed, which intensified the downside movement. At the same time a break of the Fibonacci projection level 61.8 targeted the pair to the support level 106.75. Break of 106.75 will probably lead to a decline to a psychologically relevant support level 100.00.
It is worth mentioning that stop loss should be placed slightly above the resistance level 107.85 as its break will cause upside movement to 110.10.
The EUR/USD currency pair closed with a sharp advance last week.
Earlier in a weekly graph the EUR/USD formed Dark Cloud Cover candlestick combination indicating downside movement confirmed further.
This combination shows that the pair dropped sharply after an attempt to advance to the resistance level 1.4700, which means that the bears started to increase their influence.
Further decline is supported by the RSI indicator demonstrating a rollback from the overbought level 70.0.
Break of the support level 1.3969 will denote that this point of view is correct. In this case we should expect a decline to the support level 1.3427 where the Fibonacci correction level 50.0 is also located.
It is worth mentioning that stop loss should be placed slightly above the resistance level 1.4700 as its break will target the pair to 1.4900.
GBP/USD candlestick analysis for September 21, 2011
Earlier in a 4-hour graph the GBP/USD pair formed a Falling Three Methods combination that gives us a bearish signal.
This combination was formed amid a downside movement after the pair could not break the resistance level near 1.6600, which means that the bulls could not solidify here and the bears started to increase their influence. At the same time each rollback was considered as a pause before further decline.
Break of the support level 1.5565 will denote that this point of view is correct. In this case we should expect a downfall to the support level 1.5344.
It is worth mentioning that stop loss should be placed slightly above the 1.5932 level as its break will allow the pair to reach 1.6200.
The EUR/USD currency pair is trading with a slight rise this week after it could not break the support level at 1.3427.
Earlier in a weekly graph the EUR/USD formed Dark Cloud Cover candlestick combination indicating downside movement confirmed further.
This combination shows that the pair dropped sharply after an attempt to advance to the resistance level 1.4700, which means that the bears started to increase their influence.
Further decline is supported by the RSI indicator demonstrating a rollback from the overbought level 70.0.
Break of the support level 1.3969 will denote that this point of view is correct. In this case we should expect a decline to the support level 1.3427 where the Fibonacci correction level 50.0 is also located. Its break will target the pair to 1.2869.
It is worth mentioning that stop loss should be placed slightly above the resistance level 1.4700 as its break will target the pair to 1.4900.
EUR/JPY candlestick analysis for September 29, 2011
In a 4-hour graph the EUR/JPY currency pair is probably finishing the rollback from the Fibonacci projection level 161.8. The viewpoint at the pair remains bearish.
Earlier in a 4-hour graph the EUR/JPY formed a Long Shadows candlestick indicating a decline confirmed further. This candlestick was formed amid a rollback after a breakthrough of an upside channel, which means that the bears dominate on the market.
Besides, the currency pair broke the support level 110.10 which proves this point of view. Further another bearish combination Three Falling Methods was formed, which intensified the downside movement. At the same time a break of the Fibonacci projection level 61.8 targeted the pair to the support level 106.75. Break of 106.75 will probably lead to a decline to a psychologically relevant support level 100.00.
It is worth mentioning that stop loss should be placed slightly above the resistance level 107.00 as its break will cause upside movement to 110.10.
GBP/USD candlestick analysis for September 30, 2011
The GBP/USD currency pair is demonstrating consolidation after a sharp decline and further rebound. Earlier in a 4-hour graph the GBP/USD pair formed a Falling Three Methods combination that gives us a bearish signal.
This combination was formed amid a downside movement after the pair could not break the resistance level near 1.6600, which means that the bulls could not solidify here and the bears started to increase their influence. At the same time each rollback was considered as a pause before further decline.
Break of the support level 1.5565 will denote that this point of view is correct. In this case we should expect a downfall to the support level 1.5344. Its break will cause downside movement to 1.5290.
It is worth mentioning that stop loss should be placed slightly above the 1.5932 level as its break will allow the pair to reach 1.6200
In a 4-hour graph the EUR/JPY currency pair is still demonstrating a decline after a slight rollback. The viewpoint at the pair remains bearish.
Earlier in a 4-hour graph the EUR/JPY formed a Long Shadows candlestick indicating a decline confirmed further. This candlestick was formed amid a rollback after a breakthrough of an upside channel, which means that the bears dominate on the market.
Besides, the currency pair broke the support level 110.10 which proves this point of view. Further another bearish combination Three Falling Methods was formed, which intensified the downside movement. At the same time a break of the Fibonacci projection level 61.8 targeted the pair to the support level 106.75. Break of 106.75 will probably lead to a decline to a psychologically relevant support level 100.00.
It is worth mentioning that stop loss should be placed slightly above the resistance level 105.33 as its break will cause upside movement to 107.00.
