Thread: Technical analysis from EasyForexNews

EUR/USD keeps for the time being a MT weak study with still risk towards critical 1.3046/1.3146 support area initially & then 1.26/1.28 area. Current slight break below 1.3342 (61.8%) is of course rekindling such a scenario even if the possible rising “C of ABC” scenario towards ST 38.2% (1.3608) remains possible. However, a ST rebound above 1.3441/49 (daily ST falling wedge res+61.8%) is at least needed to rekindle it. Read more

Technical analysis 12.14.11
Though not so good for those still wearing euros it is… EURUSD has been allowed below the 1.3145 ref and focus turns to the even more important 1.2860 level… EURJPY holds the Sep low of 100.70 fully in sight and AUDUSD is likely to fall further – then with a possible 0.9770 objective in mind… EURSEK looks set to advance towards 9.1450 (possibly also 9.18) and EURNOK closed above resistance and should also advance further (7.8290 remains an overhead short-term key ref)… EURPLN is attacking a medium-term important 4.60 ref above which 4.6570 would come into play… S&P500 looks more offered than bid and US tens look set to test overhead resistance… Mar Bunds and Brent Crude look less directionally convincing… Read more

12.15.11 Today’s highlights:

EURUSD: Extension through our 61.8% retrace target, 1.3050 aims at 1.2859, the 2011 low into year-end. Overshoot risks into January are to the important 1.2588/33 area
USDCHF: Through a .9508 chart peak to reinforce the surge above the .9333 peak and key .9400 retrace target. We now aim for .9777/86 into year-end, to parity into January
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12.16.11 Today’s highlights:
EURUSD: “Inside” pause after aggressive erosion of foundations at the 1.3146 cycle low and our 61.8% retrace target, 1.3050. This leaves the focus on 1.2859, the 2011 low into year-end; above 1.3212/37 needed for a better tone Read more

12.19.11 Today’s highlights
EUR USD (1.3030) The combination of a quadruple witching expiration and the absence of an EU summit at the weekend, ensured low volatility on Friday. But it was no respite for the euro which continues to feel pressured by impending rating downgrades and several high-level commentators dwelling on eurozone-breakup scenarios Read more

Daily forex outlook
EUR/USD (1.3005) In his speech before the European Parliament on Monday, ECB President Draghi not only reiterated that the austerity programmes cause short-term economic contraction, he even gave clues as to what ‘short-term’ meant.
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Tecnical Alert: EUR/USD looks heavy after topside failure yesterday
EUR/USD looks heavy after topside failure yesterday and it would be surprising NOT to see the pair trading below 1.2983 today… USDindex also failed below and added a bullish print. Over 80.50 would be additionally dollar bullish… Easy Forex News

Only small movements noted – the best of the least in USDINR (1mt NDF) which trades notably higher today bringing the recent 54.83 high back in focus… EURPLN was allowed to accelerate below dynamic support which makes ~4.33 possible (before up)… EURSEK with yet another lower high & lower low but with the fresh low also rejected so unfortunately the best guess is continued range type of trading with a small downside bias… Elsewhere Brent Crude trades higher and some focus on $110.77\111.33 is required… And finally EURUSD stays in range (which is thought to be part of a push lower, but needs a sub-1.2983 move to confirm)… Easy Forex News

EUR advance looks correctional in EURUSD & EURJPY… A correctional top may already be passed in EURGBP… EUR/scandies still trade sideways but lower shadows in EURSEK and loss of downside momentum puts focus on 8.96 above… NOKSEK should test 1.1550\80 before turning lower again (corrective peak already passed if back under 1.1480)… USDHUF is one of the leading dollar crosses already flying (others are thought to follow)… EURPLN is back over the 55day moving average band and is thought to extend gains… A short-term bullish divergence in GOLD is in place, arguing for additional gains ahead… Bunds correctively lower and EuroStoxx50 stretching for 2412 before lower again… Oil trades higher, but unless breaking $111.33 the outlook remains bearish… Easy Forex News

One big theme emerging yesterday, euro shortcovering. So the common currency up agains everthing else, even helping pushing AUD and NZD lower ag the greenback. The correction will likely continue for a day or two longer given the extremely oversold status. EURUSD make or break of the 1.2860? resistance, EURAUD (and the rest of the EUR/X:S) at least another figure higher, Cable never trigger its sell signal yesterday, look for returning sellers around 1.54, EURSEK’s close above 8.86 will add more topside pressure and 8.94 is the next key level, EURNOK responding well to its spring bottom, next 7.76ish, EUR/CEE3 posting impulsive drops, extending downside corrections, watch 4.3810 in EURPLN & 306.00/50 in EURHUF, BONDS really not doing much, Equities turned more balanced yesterday with spikes on both sides, OIL fresh high rejection created a bearish key day reversal, GOLD pausing ahead of the 233d ma. Easy Forex News