Update on EUR/USD

[alroughani]

At the Asian opening the EUR showed a remarable upward trend as it broke the major resistence at 1.2160 and moved higher to 1.2260 before settleing around 1.2230 level

The major trigger for this was that the
European Central Bank officials suggest they will increase interest rates, a Bloomberg News survey shows

Also, the recent deveopment that Iran threatens to move all its assits to European and Canadian banks and investment made the USD sokes into their 2 months low

The next major resistence will be at 1.2290 and if this broken it can head easily yo 1.2500 range in very short time

The previous resistence at 1.2160 is acting as a support level this time unless US market opening makes it very bearish which is unlikely

The daily chart indicated the upward trend one the 1.1260 level was broken previously

Good luck

 

[alroughani]

Just to indicate the next support levels for EUR/USD after laddering to 1.2262

It should form a consolidative support along 1.2175 which is the 38.2 Fib retracement of 1.2040 to 1.2262

If broke this one or close below this level then the uptrend is broken and it should find the cluster support at 1.2120 which 61.8 Fib retracement of the same range above

Both are seen in the following chart

Good Luck all

 

[darkkktoy]

The next major resistence will be at 1.2290 and if this broken it can head easily yo 1.2500 range in very short time

وتم اختراق 1.2290

ماهي توقعاتك بعد ذلك اذا ممكن ؟

 

[alroughani]

After the EUR/USD has broken the major resistence at 1.2290, it forms a double top which means it would retrace to 1.2260 and 1.2225

The next resistence points would be 1.2360 which is moderate and the major resistence will be at 1.2490 which should hold any upward trend for the mean time due to the overbought position

You can see these resistence both on the daily charts and on the stochastics indicated below

Good luck

 

[alroughani]

Euro/dollar consolidated further near a 4 ½-month high of 1.2322, and the upside is less clear now. Just in case the rally can resume, the pair unfurled a bullish flag, which would ultimately target 1.2570, but this is unlikely.

Immediate support is at 1.2220. A break below this level would encourage a decline to 1.2165. Further down there are supports at 1.2130 and 1.2080.

Initial resistance remains at 1.2290. Above 1.2345, strong resistance remains at 1.2395. Further resistance is then seen at 1.2420 and 1.2490.

Oscillators are rising.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

 

[alroughani]

The EUR/USD is in a very critical point and still in narrow range today between 1.2075 and 1.2115

The daily trend is turning bearish but the next support level at 1.2040-50
is very critical and if this is broken then the trend is clearly down with the next support level bases at 1.1980 which is weak support level

If this broken then it will test the 1.1880 low of December 2005

On the upside, the resistence is starting at 1.2125 followed by 1.2160 then 1.2230

Place your stop loss if you are not watching the market especially under 1.2040 levels

Good luck

 

[alroughani]

UPdate for Feb 02,2006

The EUR/USD is still in sideway trend . It held the support level at 1.2040
during the NY session and now trading around 1.2070

The next support levels are the major 1.2030-40 and the cluster of 1.1980
which is if broken to send the EUR to 1.950 minimum

However, on the upside, the next resistance level is 1.2115-25 and if broken will test the next major resistcen at 1.2165-70 which i think will hold any upgoing trend for today.

Only if EUR breaks the 1.2225 level, then the high trend is back on action

Good luck