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EUR/USD technicals: hourlies still look bearish, 1.3480 the key level
By Sean Lee || February 9, 2010 at 03:57 GMT
|| 5 comments || Add comment
Looks like a wedge pattern forming on the hourly EUR/USD chart and this is generally a continuation pattern. In other words, more downside is favoured in the short term. Major technical support is at 1.3480 which is the 61.8% retracement of the 1.2450/1.5140 rally. There is further chart support behind there at 1.3410/20. This support band looks like it will be critical for medium term movements in the EUR/USD.
On the order front, talk of a decent sized barrier at 1.3550.
Cool, already positioned for a short downside. Getting down to the mid 1.36′ish is key for me. I like reading your stuff Sean.
Thanks Mechtech, it’s good to have a rant every now and again.
Night all. Thanks again Sean. ‘Til NYC… later.
EURUSD H4 chart also still bearish, I think the market will only start to pick-up from tomorrow … a few big economic data tomorrow. But next week for the entire week I expect the Asian session will be dull, China will be celebrating Chinese New Year
I only have 1 active lot trailing from 1.35 over the weekend , since everyone ( or most ) already pulled the trigger, I would rather wait to add more only if the pair does hit the interest sell zone 1.3480 .
Still scratching my head over those SNB intervention , I do feel they have an evil plan behind those attacks , bc their timing is way too coincident to the last storm .
Please keep us in touch if u hear anything Sean
Thanks