Press review - page 210
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Slow, Steady Gains For The Dollar
Yesterday was a day like any other day. We had similar development, similar slow but steady gains in the Dollar that hit some interesting targets in some currencies, not in others. I am encouraged by that development. I’m not sure I’m expecting much to happen today – or at least for the first half and maybe two-thirds of the day. I’m pretty sure it’ll resemble the type of progression that we have seen for the past two weeks. However, there are some much stronger indications that are developing with some critical highs/lows that must be watched with care.
We still have the 4-hour Price Equilibrium Clouds supporting the Dollar and, quite interestingly, currently floating in the areas where those critical highs/lows exist. These are where the balance between bullish and bearish will be judged and stronger reactions can develop. These will be highlighted in each relevant currency pair, so take note of the implications of breach or failure.
The above covers the Europeans in general but could be applied to USD/JPY also. It developed almost point perfect although stalled at a projection level below the one I had expected but frankly doesn’t make that much of a difference. The outcome should remain as expected. It has just taken a long, long time to reach its target – 12 days to be precise…
This doesn’t leave EUR/JPY in a particularly clear picture. It has been developing in perfect three’s since the 137.24 high but it’s that initial “three” that provides the uncertainty, a factor that can allow several structures to develop. Therefore, the respective development in EUR/USD and USD/JPY will have to be observed to clarify the overall intentions.
The Aussie frustrated by making yet another new low but I do feel this one will have the impact I had suggested yesterday. The problem with this expected recovery is that the depth of the recovery has a degree of uncertainty. It’ll need to be watched with keen eyes to spot where it’ll stall…
Another day, potentially a pivotal one, but one that promises to start like any other day – with limited moves. Yesterday was a day like any other day. We had similar development, similar slow but steady gains in the Dollar that hit some interesting targets in some currencies, not in others. I am encouraged by that development. I’m not sure I’m expecting much to happen today – or at least for the first half and maybe two-thirds of the day. I’m pretty sure it’ll resemble the type of progression that we have seen for the past two weeks. However, there are some much stronger indications that are developing with some critical highs/lows that must be watched with care.
Euro At Eight Month Low Ahead Of FOMC
EUR/USD
Open 1.3408
High 1.3445
Low 1.3403
Close 1.3406
On Tuesday the EUR/USD decreased with 40 pips. The european currency depreciated from 1.3445 to 1.3403 yesterday, matching the negative money flow sentiment at under -12%, closing the day at 1.3406. This morning the euro is trading quietly, with movements at the lower end of yesterday's range for now.
On the 1 hour chart the downward channel is extending, while on the 3 hour chart the downward channel is intact. Break above the nearest resistance and yesterday's top at 1.3445 may trigger further strengthening of the euro. Going below today's bottom and first support at 1.3403, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3290.
Quotes are moving just below the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and hesitant, MACD is negative and quiet, while CCI is in line with the 100 line on the 1 hour chart, giving over all light short signals.
Technical resistance levels: 1.3445 1.3560 1.3682
Technical support levels: 1.3403 1.3290 1.31678
Yesterday we made +23 pips profit/loss on EUR/USD from the following sent to clients only signal:
5:15 GMT+1 Sell EUR/USD at 1.3433 SL 1.3459 TP 1.3383, exit sent at 15:00 GMT+1.
Total yesterday +105.
EUR/USD's Downward Movement Extends Lower
The EUR/USD's downward movement from 1.3650 extended to as low as 1.3403. Initial resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.3300 area. Key resistance is at 1.3444, only break above this level will indicate that consolidation of the downtrend from 1.3700 is underway, then further rally to 1.3500 area could be seen.
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