Today’s Forex Guide

EUR/USD 4-hour: Downtrend prevails


Mar.11.2015

8:30 am (EST) Update

EUR/USD 4-hour Forex Dance Floor
EUR/USD 4-hour: Downtrend prevails.

Invest Diva positioning: Short positions below 1.0676 with targets at 1.0520 and 1.0384 in extension.

Technical reasons why: The pair continues to drop down below the Ichimoku's cloud and it broke below our bearish target at 1.0676. The RSI keeps moving down at the neutrality area.

Alternative Scenario: Above 1.0676 look for further upside with 1.08234 and 1.0986.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.6760 1.0823 1.1168
1.0520 1.0986


GBP/USD 4-hour Forex Dance Floor
GBP/USD 4-hour: Moving below the 23% Fibonacci level.

Invest Diva positioning: Short positions below 1.5145 with targets at 1.5020 and 1.4954 in extension.

Technical reasons why: The pair is kind of consolidating between the 23% Fibonacci level and its current bottom level below the Ichimoku's cloud. The RSI is below the neutrality area.

Alternative Scenario: Above 1.5145 look for further upide with 1.5223 and 1.5286.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.4954 1.5020 1.5224
1.4847 1.5145


USD/CHF 4-hour Forex Dance Floor
USD/CHF 4-hour: Uptrend prevails.

Invest Diva positioning: Long positions above 0.9960 with targets at 1.0197 and 1.0353 in extension.

Technical reasons why: The pair continues to move up towards our bullish target level. The RSI is moving at the over-bought zone.

Alternative Scenario: Below 0.9960 look for further downside with 0.9767 and 0.9501.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.9767 0.9960 1.0353
0.9501 1.0197


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Broke above the resistance level.

Invest Diva positioning: Long positions above 1.2659 with targets at 1.2779 and 1.2971 in extension.

Technical reasons why: The pair is confirmed to break above the resistance level at 1.2659 but seems like consolidating at the level above the Ichimoku's cloud. The RSI is around the over-bought zone.

Alternative Scenario: Below 1.2659 look for further downside with 1.2524 and 1.2090.

Where I'm setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2524 1.2659 1.2971
1.2390 1.2779

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