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What will Mr. Euro do?


Apr.15.2014

2

The pick of the day is EUR/USD who’s been  on an overall uptrend since June 2012 and within a well-define upward channel since April 2013. That’s last year and we are looking at the weekly dance floor. We have been getting in out of this dance floor within this range many times already, the latest being our bullish entry at 1.36593.

[IMG 1] EURUSD weekly chart upward channel uptrend bullish target

The pair made a pullback before reaching our target of 1.39561 last Friday, and now on the 4-hour chart it  is scratching the lower band of Mr. Bollinger, approaching the new 50% Fibonacci level. Intraday our outlook is bearish but there is a possibility that the pair holds their downer at 50% or 61% Fibo, regain energy and shoot back up to feed our bullish appetite with 1.42 as target. But a break below 1.345 would alter our bullish scenario to bearish, with 1.33 and 1.299 as targets.

[IMG 2] EURUSD 4 hour chart technical analysis bollinger band fibonacci bearish candlestick

 

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Intraday Forex Technical Levels

EUR/USD Intraday: the downside prevails.

Our preference: Short positions below 1.384 with targets @ 1.377 & 1.375 in extension.

Alternative scenario: Above 1.384 look for further upside with 1.3865 & 1.388 as targets.

Comment: The pair stands below its new resistance and remains under pressure.

Supports and resistances:
1.388
1.3865
1.384
1.3804 Last
1.377
1.375
1.373

 GBP/USD Intraday: key resistance at 1.675

 

Our preference: Short positions below 1.675 with targets @ 1.669 & 1.666 in extension.

Alternative scenario: Above 1.675 look for further upside with 1.679 & 1.682 as targets.

Comment: The pair is posting a rebound but stands below its resistance.

Supports and resistances:
1.682
1.679
1.675
1.6722 Last
1.669
1.666
1.6635

USD/JPY Intraday: the upside prevails.

Our preference: Long positions above 101.5 with targets @ 102.15 & 102.4 in extension.

Alternative scenario: Below 101.5 look for further downside with 101.2 & 100.8 as targets.

Comment: The pair is rebounding above its support as the RSI is well directed.

Supports and resistances:
102.65
102.4
102.15
101.8625 Last
101.5
101.2
100.8

USD/CHF Intraday: the upside prevails.

Our preference: Long positions above 0.8775 with targets @ 0.8825 & 0.8845 in extension.

Alternative scenario: Below 0.8775 look for further downside with 0.8755 & 0.8735 as targets.

Comment: The RSI is well directed.

Supports and resistances:
0.8865
0.8845
0.8825
0.8809 Last
0.8775
0.8755
0.8735

NZD/USD Intraday: capped by a negative trend line.

Our preference: Short positions below 0.869 with targets @ 0.8625 & 0.861 in extension.

Alternative scenario: Above 0.869 look for further upside with 0.8725 & 0.8745 as targets.

Comment: The RSI is bearish and calls for further downside.

Supports and resistances:
0.8745
0.8725
0.869
0.8654 Last
0.8625
0.861
0.857

AUD/USD Intraday: intraday support around 0.9375.

Our preference: Long positions above 0.9375 with targets @ 0.9425 & 0.946 in extension.

Alternative scenario: Below 0.9375 look for further downside with 0.933 & 0.929 as targets.

Comment: A support base at 0.9375 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
0.954
0.946
0.9425
0.9389 Last
0.9375
0.933
0.929

USD/CAD Intraday: supported by a rising trend line

Our preference: Long positions above 1.0965 with targets @ 1.101 & 1.103 in extension.

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

Comment: The RSI is bullish and calls for further upside. The pair is supported by a rising trend line.

Supports and resistances:
1.1045
1.103
1.101
1.0989 Last
1.0965
1.094
1.0915

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