Archive for August, 2009
EURUSD significant levels for 3-7 august 2009
Sunday, August 2nd, 2009
EURUSD Weekly chart for 3-7 august 2009
EURUSD Daily chart for 3-7 august 2009
EURUSD H4 chart for 3-7 august 2009
EURUSD H1 chart for 3-7 august 2009
From the Weekly chart, we see a nice bearish Gartley pattern. As long as 1.4362 holds, I’m keeping a bearish bias and the bearish Gartley pattern stands.
From a daily perspective, I will be waiting for the price to trade below the 50 day moving average, which it has been respecting as a support level since 29th april 2009. A break below this EMA (below 1.4000) would confirm my bearish view.
From an H4 perspective, price looks overbought and a break below 1.4185 ( 50% Monthly Fib) would have me taking shorts with tight stops.
The H1 chart looks good for shorts, all the way down to 1.4085, which looks like a good level for a 45 pip long scalp.
Overall, the market sentiment, from a technical point of view, looks bearish next week.
