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Mr. Fibo Held Mr. Euro!!


Apr.17.2014

Kiana danial 5

The pick of the day is EUR/USD we’ve been following this pair fairly closely this week because once again my forecast came true and Mr. Fibo held the pair at the 50% level from further drops that we saw the beginning of the week. The RSI is heading up from the neutrality area signaling more gains.

EURUSD 4 hour chartThe pair remains on an overall uptrend on the weekly dance floor since June 2012 and within a well-define upward channel since April 2013. We’re expecting more upward advances with 1.4050 and 1.4245 as next targets. Now a downside breakout of 1.3640 would call for a consolidation to 1.3450.

EURUSD Weekly chart

So it’s Good Friday tomorrow and the New York Stock Exchange will be closed and therefore, my team and I will be taking a break. Personally I’ll be continuing the Passover celebration with my family.

I’ll see you all on Monday!

 

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Intraday Forex Technical Levels

EUR/USD Intraday: the upside prevails

Our preference: Long positions above 1.383 with targets @ 1.3865 & 1.388 in extension.

Alternative scenario: Below 1.383 look for further downside with 1.381 & 1.379 as targets.

Comment: The pair is rebounding and is breaking above its resistance.

Supports and resistances:
1.3905
1.388
1.3865
1.3858 Last
1.383
1.381
1.379

GBP/USD Intraday: the upside prevails

Our preference: Long positions above 1.678 with targets @ 1.685 & 1.69 in extension.

Alternative scenario: Below 1.678 look for further downside with 1.675 & 1.6715 as targets.

Comment: The pair is pulling back on its support ahead of further advance.

Supports and resistances:
1.6945
1.69
1.685
1.6814 Last
1.678
1.675
1.6715

USD/JPY Intraday: caution.

Our preference: Short positions below 102.15 with targets @ 101.8 & 101.65 in extension.

Alternative scenario: Above 102.15 look for further upside with 102.4 & 102.6 as targets.

Comment: The pair is rebounding and is challenging its resistance, caution.

Supports and resistances:
102.6
102.4
102.15
102.123 Last
101.8
101.65
101.45

USD/CHF Intraday: under pressure.

Our preference: Short positions below 0.8805 with targets @ 0.8755 & 0.8735 in extension.

Alternative scenario: Above 0.8805 look for further upside with 0.882 & 0.8845 as targets.

Comment: The RSI is badly directed.

Supports and resistances:
0.8845
0.882
0.8805
0.8781 Last
0.8755
0.8735
0.871

NZD/USD Intraday: the upside prevails

Our preference: Long positions above 0.857 with targets @ 0.866 & 0.869 in extension.

Alternative scenario: Below 0.857 look for further downside with 0.8545 & 0.8515 as targets.

Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
0.8745
0.869
0.866
0.8613 Last
0.857
0.8545
0.8515

AUD/USD Intraday: rebound expected

Our preference: Long positions above 0.9325 with targets @ 0.939 & 0.9425 in extension.

Alternative scenario: Below 0.9325 look for further downside with 0.929 & 0.925 as targets.

Comment: The RSI lacks downward momentum.

Supports and resistances:
0.946
0.9425
0.939
0.9344 Last
0.9325
0.929
0.925

USD/CAD Intraday: the bias remains bullish

Our preference: Long positions above 1.0965 with targets @ 1.103 & 1.1045 in extension.

Alternative scenario: Below 1.0965 look for further downside with 1.094 & 1.0915 as targets.

Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The pair is trading in a bullish channel.

Supports and resistances:
1.107
1.1045
1.103
1.1015 Last
1.0965
1.094
1.0915

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