A-B-C-D Trade - page 161
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No surprises with German CPI as it came in as projected. EUR/USD testing low from post-Trichet comments yesterday.
Next support is 1.4450, which was June 3rd low pivot. Also watch lower fork.
EUR/USD probe below yesterday's low did not hold and we are at the European open. The intra-day fib plot is:
High = 03:45 1.45327
Low = 04:45 1.44832
Pullback = 38.2 1.45021
The probe therefore was to the 138.2 of 1.44643 to the downside. The bounce up was just met with the 23.6 fib of 1.44949.
Trichet on live web cast, speaking on EU inflation.
Additionally, internal split on Greek debt solutions.
Break of Asian low in works for EUR/USD
EUR/USD just bounce off lower fork and 161.8 of 1.44526
We now switch to 1-hr ABC which has FE 61.8 = 1.44420. Stall here expected.
Current level 1.44449 is 360-degree level on SQ9(Price) chart.
Below this on other 1-hr chart is cluster of support 1.4413;
Mars 90-degree
Regular 161.8
FE 78.6
The Euro continued its decline through Friday June 10th. We attach 2 EUR/USD charts.
Chart 1
Wide plot (yellow): June 3rd low and June 7th high.
Directional plot (blue): June 7th high and June 8th low.
APF with AML
Chart 2
PSQ9, fib channels, RSI(4), EFT, HAMa
ABC per previous post
Directional plot (yellow) June 7th high - June 8th low
We saw the stall at the 1.44498 level which is the 100% retrace of the wide plot (yellow). The APF’s interior S&R of Lower ML2 contained the bounces up, during this period 07:00 through 12:00 GMT.
Pair broke that support during 13:00 candle period, which is the U.S. session open. Direct hit the the yellow 138.2, which is near blue 261.8 and 100% APF expansion (red dotted diagonal).
Some panic set into the market ahead of the weekend and we now see EUR/USD breaking down further.
Chart 2 shows blue label at the support level we mentioned in previous post of 1.44130. The cluster of support included the FE 78.6, A-B extension of 138.2, Mars 90-degree, Moon 315-degree, fib channel 423.5 (white).
After breaking that support, pair pivoted at the yellow 261.8 (and Moon 270), we can now see the current push hit the FE 127 1.43279.
The HAMa was all red from Point A and forward.
Attached is the same plot which we first posted when price hit the 360-degree level on the way up June 1st. That formed Point B of an ABC that resulted in the top FE 78.6.
The Head and Shoulder pattern has just hit its right hand side base, which is June 1st low area and 270-degree level. This was also the pivot for Swing C.
Bad few days for U.S stocks as pressure to restrain banks together with negative economic data has investors flocking to safety. USD and CHF are safety vehicles.
We applied the Gann_SQ9 indicator to the 1-hour chart. We also plot a fib retracement in yellow that is pushed to the right side for easier viewing.
A) High = June 9th 18:00 12184
B) Low = June 10th 04:00 12077 (90-degree)
C) Pullback = June 10th 09:00 high 12116 (38.2%)
The Friday June 10th bottom at the 202.5-degree is also the FE 161.8 price 11936. Didn't show the ABC plot to keep chart cleaner.
Friday's U.S. session broke the previous support of June 8th low 12012.
The HAMa red from early Asian and through Friday.