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The Forex Pattern Price Time Report - EUR USD - Morning Session

By:   James Hyerczyk
  • 20-08-2008
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EUR USD is trading lower overnight.  
The closing price reversal bottom at 1.4631 was confirmed, but there was no followthrough rally.
Based on the short-term range of 1.4630 to 1.4806, look for a retracement to 1.4718 to 1.4697.
Counter-trend buyers have to support the Euro in retracement zone of 1.4718 to 1.4697 or this pair will retest 1.4631.
Another key price is 1.4699.  This is a major 50% area.
Support price cluster is 1.4699 to 1.4697.
Short-term weak U.S. financial markets are supportive.
Long-term contracting economies in the Euro Zone are weighing this pair down.

PATTERN

Main Trend:  Down
Main Trend Top:  1.5768  (07-28-08)
Main Trend Bottom:  1.4437 (02-07-08)

PRICE

1.5500        .618 Retracement
1.5335        50% Retracement
1.4998        Gann Angle Down
1.4806           Overnight High

1.4775           New York Close

1.4699        50% Retracement
1.4689          Overnight Low
1.4679        Gann Angle Up
1.4631        Closing Price Reversal Bottom (08-19-08)
1.4437        Main Trend Bottom (02-07-08)
1.4382        .618 Retracement

TIME

Aug 16          1-year anniversary




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Next Analysis: The Forex Pattern Price Time Report - GBP USD - Morning Session
Content Provided by:
James Hyerczyk

James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.

Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.


DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.


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