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EUR/USD Holds 1.5836; Needs Break to Confirm
By: James Hyerczyk - 01-07-2008
0votesAnalysis
Despite the sometimes erratic trading on Tuesday, the closing price reversal top at 1.5836 remains intact. A break through 1.5722 is needed to confirm this reversal top to set up a break to 1.5569 - 1.5506.
Since June 13 the market has walked up a support angle from the 1.5302 bottom. This angle is at 1.5822 today. Technically, the close is under this angle indicating weakness. The charts indicate a move to another uptrending angle at 1.5562 is likely.
Based on the current set-up, a support cluster has formed at 1.5569 to 1.5562. This is today's downside target.
Another sign of weakness would be a break under a downtrending angle from the 1.6019 top (04-22-08) at 1.5764 today.
On the upside, a breakout over the closing price reversal top at 1.5836 would be the first sign of fresh buying. This is followed by the main top at 1.5844 (06-09-08). Sustained action over these two prices sets up a test of the all-time high at 1.6019 (04-22-08)
With the main trend up, look for a buying opportunity at 1.5569 to 1.5562.
Pattern
Main Trend: Down
Main Trend Top: 1.5844 (06-09-08)
Main Trend Bottom: 1.5302 (06-13-08)
Price
1.6019 Main Trend Top (04-22-08)
1.5844 Main Trend Top (06-09-08)
1.5836 Closing Price Reversal Top (06-30-08)
1.5822 Gann Angle Up
1.5794 New York Close
1.5649 Gann Angle Up
1.5569 50% Retracement
1.5562 Gann Angle Up
1.5506 .618 Retracement
1.5477 Gann Angle Up
1.5302 Main Trend Bottom (06-13-08)
Time
07-04 90-Day Cycle
07-22 90-Day Cycle
Next Analysis: USD/CAD Posts Strong Close; Could Test Tops at 1.0323 - 1.0326Content 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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