EUR N USD ::: Things are getting choppier all over.. Starting off with the USD and there was a disappointment once the price managed to break=k back into the Bear Flag it broke on Thursday and n…

    EUR N USD :::

Things are getting choppier all over..

Starting off with the USD and there was a disappointment once the price managed to break=k back into the Bear Flag it broke on Thursday and normally on such pattern as in rejection we are able to break on to the opposite side with a force has not opened.. End up spotting a Descending Triangle that had been broken earlier and it's supp now acting as resis already rejecting the price twice... This lvl comes to around 9875 pretty much for 2moro, but there is also a bear flag more visible on 4 hrs and taking out the triangle resis would require to take out the top of the bear flag as well coming around 9900...

On EUR and going with 4 hrs, we have a series of smaller diamond form which were broken and it seems that we are resting on the base where a break throws the price into a 3rd one rt below to it.. The price can than gravitate and strike around 2675-85... The supp Euro has been flirting with the past few days is also a breakout of the previously long held channel .. while this supp comes around 2837-40 matching with the 9875 held on to the USD.. Euro still has plenty of supp stretch out from 2800 all the way to 2840... 2800 is main for using a Daily Chart it points out as a breakout lvl..

Going forward, could get choppy with a move on USD if shooting higher to 9875 and getting caught up around 9900 would imply 2835-40 has been taken out and we are closer to around or be testing 2800 out..

Either 2795-2800 to be broken or 9900-05 to be broken to see a follow through............

Point been, what may seem to be a breakout perhaps and just maybe a fake.........

Gl...     

Views: 107

Comment by Tahir Khan on September 30, 2012 at 10:42am

    EUR N USD :::

In continuation to previous post.. I still think it would be the USD rather than other FX pairs that would dictate a move..
While EURO reaching prime lvls on a possible ending of a retrace and back to heading higher for a 32+; USD on the other hand seems to have come to the ending of it's bouncing retrace off the lower ends..
9875 initially on the USD and 9900 eventually breaks with momentum we should see 2785-90 on euro breaking lower as well.. Else this is pretty much end of retraces on both end as far as the chart goes..

GL..     

Comment

You need to be a member of Forex Social Network to add comments!

Members

© 2019   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service