http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010-01-28.html
EURUSD Current price: 1.4011
EURUSD Current price: 1.4011
Fed unchanged overnight and EURUSD pushed lower on the news. If we look to the 4 hr chart we see a large doji for the last candle. This happened with a move down to 261.8% (13943) and made a low at 13938. We also have possible divergence to buy at this level with all indicators yet to make a lower low. (Nothing confirmed yet). If we then look to the 1 hr chart we are in a huge down channel with the upper trend line at 14070. All indicators are still in their sell zones but MACD is pushing on the trend line. IF we move higher I would look for a break of the 20 SMA first (1.4033) then a push through the trend line. A rejection and we could look to 13950 again. Support levels: 1.4000 1.3950 1.3927 Resistance levels: 1.4033 1.4070 1.4180
EURUSD - Went up 30+ pips to the high of the day at our Resistance Zone 1 (+/-) at 14110 and went down 70+ pips.
Quote of the day: You can never plan the future by the past. – Edmund Burke
EURUSD
Trading strategy: small short at 1.4080, stop at 1.4140 (0.5% risk), 1st objective at 1.4020, 2nd objective at 1.3960
The euro slid below the $1.40 mark after the Fed announced its monetary policy decision, leaving interest rates unchanged at 0-0.25%, as expected. Euro’s decline to 1.3935 overnight has been short lived and it is now back above the 1.4 handle but downside remains in focus and fresh selling may emerge at any time. On the upside, resistance levels may limit gains around 1.4090/00, followed by 1.4150. Support comes around 1.3940 backed by 1.3900 and 1.3800. Short term bearish sentiment is unchanged, and a sustained break above 1.4250/65 is required to confirm a change in momentum studies. Intra-day studies maintain a bearish tone, as well, while below 1.4050. Current quote is 1.4019 @07:15 GMT
Support: 1.3935/50, 1.3900, 1.3800 and 1.3750Resistance: 1.4050, 1.4100, 1.4130/50, 1.4200/20, 1.4250/70 and 1.4300Market sentiment: long term – bullish, medium term –
slightly bullish, short term – bearish, intra-day – bearish
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