Friday February 26, 2010 - 19:40:27 GMT
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FXTimes: Daily Technical Update EUR/USD to Retest 1.3450
Daily Technical Update
February 26, 2010
EUR/USD to Retest 1.3450
- 4H: The near-term EUR/USD rally was held near 61.8% retracement (1.36). (Refer to Daily Video Technical Update 2.25.2010; first pair).
- The stochastic is starting to crossover in the bearish zone,
indicative of a market maintaining the bearish mode (SMA50<SMA200).
- The 1.3450 level was held twice in the current decline and looks to
provide support again. Our decline this week would end up developing a
- Note the 3-wave structure (a-b-c-) of the waves within the
triangle. These indicates that the market does not have a impulse
- Wait for a breakout below 1.3450 for a bearish continuation case,
or a break above the declining trendline to start preparing for the
- Weekly: Looking at the weekly, we see that the
market is currently at a cluster of fibonacci levels (100% projection,
61.8% and 78.6% retracement.)
- You can also see that if the market continues to decline,
the next clusterâ€™s center of gravity is near the 1.31 area. This can be
your intermediate target if the market breaks below 1.3450 AND
establishes a top below that.
Commodity Trading Advisor
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
Foreign currency trading is not conducted on an exchange. CMS is
acting as a counterparty to its clientsâ€™ transactions and as a result,
CMSâ€™ interests may be in conflict with its clients. Since CMS acts as
the buyer or seller in the transaction one should carefully evaluate
any trade recommendation provided by CMS or any of its solicitors.
Foreign currency trading involves a substantial risk of loss and may
not be suitable for all investors.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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