In many ways a break to new lows without follow through is encouraging as it now negates the 3 wave rally we have seen from 1.0255 to 1.0450 level and creates a new template for potential upside reversal. Expect an initial challenge of the 1.0335-40 resis area but with the potential to attempt the key [...]
With the relatively strong recovery from above the key 99.15-99.30 weekly triangle pivot point and the erratic decline over the past few days, we still suspect there is a window for upside reversal in the larger consolidation pattern. However, the market must clear 1.0185 downtrend resistance and more importantly the 1.0330 pivot point to confirm [...]
Posted on September 2, 2010, 7:54 am, by admin, under
FOREX.
Forex Technical Update 8/31/2010 The EUR/USD had a sharp correction rally in the European session but did not invalidate the bearish swing outlook just yet. You can also see the Euro pare losses against the Yen, but the Japanese currency remains firm. The USD/JPY continues to decline. The Swiss franc dominated the European session as [...]
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