Last Candlesticks pattern Time of formation Trend bias
Weekly Morning star 01 Mar 2009 Up
Daily Doji 04 Aug 2009 Up

The single currency remained confined within a narrow range after early selloff to 1.3443 as suggested in our previous update and further consolidation is likely to take place initially this week, however, the Ichimoku cloud top (now at 1.3796) should limit upside and bring another decline. Below said support would extend the decline from 1.5145 top to 1.3405 (61.8% Fibonacci retracement of entire rise from 1.2329 to 1.5145) and possibly towards 1.3300. Having said that, near term oversold condition would prevent sharp fall below 1.3200 and the single currency should stay well above psychological support at 1.3000.

On the upside, a weekly close above the Ichimoku cloud top (now at 1.3796) would suggest a temporary low is possibly formed and bring retracement to 1.3900 and possibly to the Tenkan-Sen (now at 1.4011) but price should falter well below resistance at 1.4218 (previous support turned resistance) and bring another selloff. Only above this level would indicate the fall from 1.5145 is over, then stronger rebound to the Kijun-Sen (now at 1.4295) would follow.

Based on ActionForex.com Technical Outlook


TAGS / EUR/USD

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EUR/USD Candlesticks and Ichimoku Analysis

Posted on 02.28.10 to Daily Forex Forecast. Tags: . Subscribe to follow comments on this post. You can skip to the end and leave a response. Pinging is currently not allowed.

Last Candlesticks pattern Time of formation Trend bias
Weekly Morning star 01 Mar 2009 Up
Daily Doji 04 Aug 2009 Up

The single currency remained confined within a narrow range after early selloff to 1.3443 as suggested in our previous update and further consolidation is likely to take place initially this week, however, the Ichimoku cloud top (now at 1.3796) should limit upside and bring another decline. Below said support would extend the decline from 1.5145 top to 1.3405 (61.8% Fibonacci retracement of entire rise from 1.2329 to 1.5145) and possibly towards 1.3300. Having said that, near term oversold condition would prevent sharp fall below 1.3200 and the single currency should stay well above psychological support at 1.3000.

On the upside, a weekly close above the Ichimoku cloud top (now at 1.3796) would suggest a temporary low is possibly formed and bring retracement to 1.3900 and possibly to the Tenkan-Sen (now at 1.4011) but price should falter well below resistance at 1.4218 (previous support turned resistance) and bring another selloff. Only above this level would indicate the fall from 1.5145 is over, then stronger rebound to the Kijun-Sen (now at 1.4295) would follow.

Based on ActionForex.com Technical Outlook


TAGS / EUR/USD

These icons link to social bookmarking sites where readers can share and discover new web pages.
  • email
  • Digg
  • del.icio.us
  • Technorati
  • Facebook
  • Reddit
  • YahooMyWeb
  • Bloglines
  • MisterWong
  • DZone
  • Live-MSN
  • Webnews
  • Ma.gnolia

SPEAK / ADD YOUR COMMENT
Comments are moderated.

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EUR/USD Candlesticks and Ichimoku Analysis

Posted on 02.28.10 to Daily Forex Forecast. Tags: . Subscribe to follow comments on this post. You can skip to the end and leave a response. Pinging is currently not allowed.

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