Eurusd/gbpusd - page 153
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Some levels
S&P500 1st Res 987.50
Upper Potential 990-994
Major Resistance 1000.70
1st Support 984
Lower Potential 981.50-987.30
Crude 1st Res 70.35
Upper Potential 70.70
1st Support 69.55
Lower Potential 67.56
my week no. 4216 hit tp1 50 p.why pivot different?
not really making sense to me today either? I use a Fibo pivots (per email to you) and the normal type pivots. I look for overlap of these levels to give a strong support/resistance level.
cheers
my fib pivots are:
pivot - 4256
r1 - 4269
r2 - 4277
r3 - 4290
thv mtf pivots are:
4279 r1
4331 - r2 (this one looks quite important.)
4413 - r3
I think 4331 would be my potential short entry point but like I say, I want all my other indicators to agree once (if) we get there as PA could break through if we get strong move today.
Cheers
Gazgetting closer to 4331 - 1hr tf is showing nice trix and macd divergence. Put short limit order @ 4331 - will use SL of around 12pips - but will monitor PA.
cheers
Gaz
Stuff
Overview..
A mixed set of developments to end last week seems best summed up as "peripheral outperformance". USD and EUR weak in the crosses and the smaller currencies such as SEK and NOK in particular out-performing significantly. In the end this boiled down to an interesting set of patterns/weekly closes;
USD Index - Friday saw the gains from early in the week reverse to actually end with a bearish weekly reversal as a continuation pattern. Puts the 1.4305-1.4342 EURUSD pivot in focus.
EUR Index - Amasingly a bearish weekly reversal was posted here too - as per The Charts That Matter Next Week this makes us think broad EUR under-performance remains likely (..to continue).
EURSEK - Weekly close below the 10.37-10.35 pivot. This should confirm a much larger topping structure in place. Conservative LT target 9.15, support 9.81 and resistance 10.3737-10.3466.
EURNOK - Continues to trade lower, moving beyond the initial target of the double top at 8.72. A test of the March low at 8.5480 appearing very likely.
We're also keeping a very close watch on a lot of the other EUR/EM crosses (EURTRY/EURINR/EURMYR etc.) as discussed in last week's The Charts That Matter Next Week, they do look structurally heavy, the only concern we have is the large EURUSD component of those and other similar trades. This makes it important to watch how the market reacts around the 1.4305-1.4342 pivot region on EURUSD (downtrend from the September '08 highs, interim high from June and the trend across the highs of the recent consolidation being centred on this region). While by no means questioning the underlying picture on these currency pairs, which are at the top of multi-year ranges etc., a break through 1.4305-1.4342 on EURUSD would very likely delay a move lower in these crosses. We say delay rather then discount the possibility because whether EURUSD has peaked already, or if it makes it to the triangle continuation target at 1.46, it still appears to be in wave-5 of a sequence up from the March lows, which once complete you would expect the market to enter a period of broader correction and consolidation.
EURUSD - Very sharp recovery on Friday bringing the market back to the pivot region; 1.4305-1.4342. This avoided the market posting a bearish weekly reversal by some margin. Now effectively leaves us in a 1.4305-1.4342 / 1.4033 range. If the market does break to the upside it would put us back to the old target of 1.46. Emphasise the "if" at this stage.
EUR Index - As detailed above, the broad weakness of the EUR in the cross markets caused the EUR Index which we covered in Thursday's The Charts That Matter Next Week to post a bearish weekly reversal too. This seeming to give a broad message of G2 under-performance. Looking back over the recent price action, there is a balance of negative weekly patterns, with three bearish weekly patterns being posted against the top of the range since early-April. Bottom line, significant and notable under-performance of EUR appears likely.
GBPUSD - Breaking sharply to new highs. Major pivot region begins at 1.7047 and runs to 1.7366, formed by a series of interim lows from July-'05 to March-'06, and interim highs from October-'98 to December-'96. A test of this region appears likely with the break above the June high at 1.6745 in place.
getting closer to 4331 - 1hr tf is showing nice trix and macd divergence. Put short limit order @ 4331 - will use SL of around 12pips - but will monitor PA.
cheers
GazGU is also showing bearish divergence on the 1hr chart - 1.6894 may be worth a short entry....
my week no. 4216 hit tp1 50 p.why pivot different?
hit tp2 100p iwas now on the beatch
hit tp2 100p iwas now on the beatch
nice work mate!! I might see you on the beach later
nice work mate!! I might see you on the beach later
EGkid where are you?!?!?!
nice work mate!! I might see you on the beach later
look at and respond. esaz forex . com
look at and respond. esaz forex . com
looks good....do you have to pay for it?