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Euro Could Have Short-Covering Rally to 1.5807

24-07-2008 - James Hyerczyk  |   Forex Technical Analysis
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Analysis

This market is trading as if it wants to go after the last main trend bottom at 1.5610.  

Stops could be triggered under this price into a pair or up trending Gann angles at 1.5637 and 1.5592.

Based on the range of 1.5302 to 1.6038, look for this break to continue into a retracement zone at 1.5670 to 1.5583.

All the key support areas are clustered inside of this range so expect a short-covering rally or profit-taking if this area is tested.

If a short-term low forms at 1.5669, then look for a short-covering retracement to 1.5807 to 1.5840 for the first selling opportunity.

Pattern

Main Trend:  Down
Main Trend Top:  1.5945 (07-22-08)
Main Trend Bottom:  1.5610 (07-07-08)

Price

1.6038        Main Trend Top
1.5945        Main Trend Top
1.5898        Gann Angle Down
1.5758        Gann Angle Down

1.5684       New York Close

1.5670        50% Retracement
1.5637        Gann Angle Up
1.5610        Main Trend Bottom
1.5592        Gann Angle Up
1.5583        .618 Retracement

Time

July 22         90 and 180 Day Cycles
Aug 1           180 Day Cycle
Aug 2           180 Day Cycle
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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