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weekly charts

December 16th, 2007 @ 6:51 am by Bogdan Parascanu

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EUR/USD Technical View

Euro formed a big red candle on the weekly charts, as seen below, but the most part of the move was made on Thursday and Friday when the pair dropped almost 300 points, we witnessed a small consolidation period for the first 3 days of the week around the 1.4700 area. On Friday EurUsd broke through the closest support levels and pushed lower towards the 1.4400 area getting close to the 38.02 Fibonacci retracement line of the October-November move north that established the current YTD high at 1.4967. Breaking below the trendline connecting the October lows was a a clear bearish signal although a retest of the 1.4500 area is not out of the question in the next couple of days as this particular area has proved to be strong support turned now into resistance. Looking at the big picture we can see the 1.4300 area as the main bearish target and a place where the pair could find significant support as the bullish traders will try to establish a new base there.
Resistance Levels

  • 1.5000– round number
  • 1.4966- Nov 23rd high
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

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December 9th, 2007 @ 9:16 am by Bogdan Parascanu

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EUR/USD Technical View

EurUsd formed a doji bar on the weekly chart finding support at an ascending trendline connecting higher lows and getting very close to the 50.0 Fibonacci retracement line of the move up from 1.4000 to the YTD high at 1.4967. The pair moved higher for the first two days of the week and after that we saw a big down move on Wednesday that continued until the ECB rate announcement on Thursday after which the pair started to move up again and finally closed the week very close to the opening levels from Sunday night. Having an oversold status on the daily and 4 hour timeframes we can expect the 1.4600 support level to hold and while above that we should look for a retest of Tuesday’s high at 1.4770. On the other hand if the pair slips below 1.4600 the next support is the 1.4500 area where we can observe the 50.0 Fib line mentioned above and the ascending trendline, all of these should offer some decent support and a break under it could trigger a much bigger move.

Resistance Levels

  • 1.5000– round number
  • 1.4966- Nov 23rd high
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

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November 25th, 2007 @ 7:07 am by Bogdan Parascanu

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EUR/USD Technical View

Euro put in a 7th consecutive green bar on the weekly charts, as seen below, but this week’s bar doesn’t paint the whole story. Monday was an uneventful day, the pair formed a doji and closed slightly lower than it opened, on Tuesday we saw the big move of the week more than 200 points and a break above the 1.4800 round number, after that EurUsd started to slow down and Wednesday and Thursday the price didn’t move that much with many traders taking a day of due to the holiday in the US. Friday was a spectacular day with price surging higher in the Asian session coming close to the 1.5000 psychological target but failing to reach it, looking at the weekly chart below we can see the pair achieved it’s projected Fibonacci Expansion target at 1.4940 area and with this in mind we expect to see some consolidation in the following days, perhaps even a retracement towards the 1.4700/1.4735 support area. Staying above 1.4800 will certainly maintain the pair in line with the bullish trend and a push towards Friday’s high at 1.4966 will get us closer to the 1.5000 man target.

Resistance Levels

  • 1.5000– round number
  • 1.4966- Nov 23rd high
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

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November 18th, 2007 @ 9:11 am by Bogdan Parascanu

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EUR/USD Technical View

EurUsd formed an inside bar on the weekly charts, as seen below, we witnessed a sharp move down on Monday and after that the pair bounced back and although it tried to test the 1.4735 YTD high it lacked the energy to stay above 1.4700 and gave us some weakness signs on Thursday and early Friday, only managing a small gain in Friday’s US session and closed the week around the 1.4650 level. The bullish momentum has clearly slowed down and we have even seen some signs of an US dollar strength, while trading above 1.4500 and that up sloping trendline we have on our charts the bias is still bullish but a failure to trade higher and form or even contest the current YTD high will put additional pressure on the pair and we could see a stronger retracement. On the south side the closest support is represented by the 1.4600 level followed lower by the 1.4500/1.4515 area, if the pair gets below that we can say that the pair has entered into a retracement move.

Resistance Levels

  • 1.5000– round number
  • 1.4735 –Nov 9th High

Support Levels

  • 1.4500- round number
  • 1.4300 – Sept 30th High
  • 1.4000 – Round number
  • 1.3850 – July 24th High

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November 4th, 2007 @ 9:04 am by Bogdan Parascanu

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EUR/USD Technical View

Euro started the week trading around 1.4400 and it continued to do so until Wednesday when the bullish sentiment prevailed and the pair pushed higher having also fundamental support after the FOMC decided to cut US interest rates by 0.25%. Thursday was an interesting day as the US dollar recovered some of the lost ground but it failed to hold on to those gains and EurUsd made a new record high on Friday afternoon. Having reached the 1.4500 target, the pair seems to aim higher first at 1.4600 and if the current situation doesn’t change traders will start looking at 1.5000 as the next big target level. The bullish momentum has pushed the pair higher and higher but one has to be on the lookout for a possible retracement, looking for support areas we can find former resistance now turned into support, closest is of course the 1.4500 round number, followed by the 1.4400 area.

Resistance Levels

  • 1.5000– round number
  • 1.4526 –YTD High
  • 1.4300- round number

Support Levels

  • 1.4000 – Round number
  • 1.3930 – September 13th high
  • 1.3850 – July 24th High

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