Monday, October 18, 2010

EURUSD#10 - Week Homework

Also a spinning top on weekly chart, which saw Chikou being rejected by EMA50 and Kijun after a bullish midweek run.

On the daily chart, price action had been steep for more than a month already. As wave target price was fulfilled, there's a high possibility of correction. 1.4185 might be a critical level, breaking which might mean continuation of bull run to the next resistance, in the region of 1.4485.

In a nutshell:
R3: 1.4485
R2: 1.4185
R1: 1.4055 (FB67, level wave target)

S1: 1.3910 to 1.3945 (Chikou support line)
S2: 1.3790 to 1.3840
S3: 1.3630 to 1.3660 (Chikou support line)


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