Wednesday March 31, 2010 - 19:17:14 GMT
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FXTimes: Daily Technical Update EUR/USD: Developing a Gartley Retracement Pattern
EUR/USD Developing a Gartley Retracement Pattern
- Daily: The EUR/USD was consolidating to start the week, after declining last week. (Refer to Daily Video Technical Update 3.29.2010).
- We see in the daily time-frame that if the market tops off the
current correction rally around 1.37, the swing projection still goes
to the 1.30/1.31 area.
- The 4H time-frame is better to observe the current development of a Gartley retracement pattern.
- 4H: In the 4H time-frame, we are seeing a second
bullish attempt after the first one topped off near 50% retracement
below 1.3550. The current leg is projected to the 1.3650 level, which
is between 61.8% and 78.6% retracement levels.
- The stochastic suggests bullish continuation in the short-term.
- If there is topping action near 1.3650 then a bearish attempt breaks the rising trendline, we may be heading to 1.31/1.30.
- A break above 1.37 invalidates the bearish outlook.
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