acetraderfx
11-06-2008, 12:26 AM
Updating time : 06/11/2008 00:02 GMT
EUR/USD - 1.2913... Although euro ratcheted higher to 1.3117 y'day (the
weak ISM non-manufacturing data put some pressure on the greenback), the single
currency retreated fm there on the back of the fall in oil prices n also cross
unwinding vs yen n chf (U.S. stock markets declined after trades took profits
following Obama's Presidential election victory).
Y'day's high at 1.3117 was accompanied by bearish divergences on hourly
oscillators n the subsequent retreat signals nr term upmove fm 1.2527 has formed
a top n consolidation with downside bias is seen for a correction to 1.2840/50
but breach of 1.2795 sup (y'day's low) is needed to retain bearishness n extend
weakness to 1.2752 (61.8% r of 1.2527-1.3117). Therefore, selling on recovery
for day trade is favoured but profit shud be taken on next fall as recent choppy
trading inside broad range of 1.2329-1.3300 is expected to continue ahead of
tomorrow's closely-watched U.S. employment data.
Only abv 1.3049 wud abort present nr term bearish scenario, risk re-test
of 1.3117 n then one more rise to 1.3152/61 (80.9% r of 1.3300-1.2527 n res)...
EUR/USD - 1.2913... Although euro ratcheted higher to 1.3117 y'day (the
weak ISM non-manufacturing data put some pressure on the greenback), the single
currency retreated fm there on the back of the fall in oil prices n also cross
unwinding vs yen n chf (U.S. stock markets declined after trades took profits
following Obama's Presidential election victory).
Y'day's high at 1.3117 was accompanied by bearish divergences on hourly
oscillators n the subsequent retreat signals nr term upmove fm 1.2527 has formed
a top n consolidation with downside bias is seen for a correction to 1.2840/50
but breach of 1.2795 sup (y'day's low) is needed to retain bearishness n extend
weakness to 1.2752 (61.8% r of 1.2527-1.3117). Therefore, selling on recovery
for day trade is favoured but profit shud be taken on next fall as recent choppy
trading inside broad range of 1.2329-1.3300 is expected to continue ahead of
tomorrow's closely-watched U.S. employment data.
Only abv 1.3049 wud abort present nr term bearish scenario, risk re-test
of 1.3117 n then one more rise to 1.3152/61 (80.9% r of 1.3300-1.2527 n res)...