I think all JPY pairs there is speculation of Intervention by Japanese Bank, so probably they are looking more attractive at this levels
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I think all JPY pairs there is speculation of Intervention by Japanese Bank, so probably they are looking more attractive at this levels
If you will see for GBP USD on daily chart it is not able to close above 50 EMA and that has prevented this pair to go up. So breakout and close above 50EMA will confirm upward movement, what your view on that.
Great work Oracle and others!!
I have made this thread sticky. Keep it going.
Technical Analysis.
EUR/USD
July 19, 2011.
Pivot Point: 1.4085
http://im8.gulfup.com/2011-07-19/1311022927761.gif
Overview:
As expected, the EUR/USD's turbulent rise from 1.3840 has extended further to as high as 1.4282 a week ago. It should be noted that the price has still been trapped between 50% Fibonacci Retracement levels and 61.8%, Moreover, after it couldn't close below 50% Fibonacci Retracement, the market started showing the signs of Bullish market, and the price has been set above 50% Fibonacci five months ago (18th of March 2011). Therefore, the market indicates a Bullish opportunity on level of 1.4025 with a first target of 1.4250, and continues towards 1.4300. Meanwhile, the RSI is below 50 on daily chart, meaning it is still calling for downtrend on level of 1.4000 and continues Bearish towards 1.3850.
Technical levels:
R3: 1.4276
R2: 1.4204
R1: 1.4157
PP: 1.4085
S1: 1.4038
S2: 1.3966
S3: 1.3919
Technical Analysis.
GBP/USD
July 20, 2011.
Pivot Point: 1.6116
http://im8.gulfup.com/2011-07-19/1311108583101.gif
Overview:
The GBPUSD broke the resistance at 1.6015 and turned back to support a week ago. Therefore the pair has already formed a strong Support at 1.6084 on H4 chart, further rise could be formed a double top and traget would be at 1.6193. Moreover, after breaking 38.2% and start signing for Bullish market, it should be note that the price has been set above 50% Fibonacci Retracement level. As well, the RSI is still calling for uptrend on daily chart. Thus, according to previous events, the pair has still trapped between 1.6180 and 1.6015, so it is a good sign to Buy above 1.6200 with a first target of 1.6275, and continue towards 1.6325. Meanwhile, if the pivot point (1.6115) breaks and closure below it on H1 it will also a good sign to Sell below 1.6095 with a target of 1.5980.
Technical Levels:
R3: 1.6330
R2: 1.6253
R1: 1.6193
PP: 1.6116
S1: 1.6056
S2: 1.5979
S3: 1.5919
Technical Analysis.
EUR/USD
July 20, 2011.
Pivot Point: 1.4147
http://im8.gulfup.com/2011-07-20/1311113452901.gif
Overview:
As expected, the EUR/USD's turbulent rise from 1.3840 has extended further to as high as 1.4282 a week ago. It should be noted that the price has still been trapped between 50% Fibonacci Retracement levels and 61.8%, Moreover, after it couldn't close below 50% Fibonacci Retracement, the market started showing the signs of Bullish market, and the price has been set above 50% Fibonacci five months ago (18th of March 2011). Therefore, the market indicates a Bullish opportunity on level of 1.4125 with a first target of 1.4250, and continues towards 1.4335. Meanwhile, the RSI is below 50 on daily chart, meaning it is still calling for downtrend on level of 1.4075 and continues Bearish towards 1.395.
Technical levels:
R3: 1.4373
R2: 1.4295
R1: 1.4225
PP: 1.4147
S1: 1.4077
S2: 1.3999
S3: 1.3929
I think EURO USD will get direction from EU Summit. Because now it is Make or Break time for european countries to end there debt crisis.
GBP USD is having minor resistance at 1.6155 i.e 55 EMA on daily chart. Break through this can easily take it to 100 SMA 1.6255
@Oracle Your Pivot point pf 1.6115 is also facing this minor ema resistance.