EURUSD didn't go up as I thought, in fact it was almost all the way down, triggered by the tension at Korean Peninsula and Ireland debt crisis.
Last week's low 1.3198 was around FBR67 from September, so 1.3180 will be the immediate support for now.
On Ichi indicators, monthly, weekly and daily charts have all shown bearish signals.
On the 4-hourly chart, 1.3050 to 1.3080 might be the next support (chikou support), and then at 1.3000, which might also be a psychological support level.
There are some room for upward movement, with resistance at 1.3380 to 1.3400 (Daily Kumo bottom). Next resistance is 1.3480, if this resistance is breached then it might signals a short term bull trend that might hit 1.3750, with a few more resistances along the way (1.3550, 1.3630).
In a nutshell:
R3 1. 3550 (Daily Chikou support)
R2 1.3480 (Daily Chikou support)
R1 1.3380 to 1.3400 (Daily Kumo bottom)
S1 1.3180 (FBR67)
S2 1.3050 to 1.3080 (Chikou support)
S3 1.3000 (Chikou support)
~~
Sunday, November 28, 2010
Sunday, November 21, 2010
EURUSD#11 Weekly Homework
After about 3 weeks of this and that travels, I am back and should pay more attention to the currency pairs again.
This might be an eventful week for Euro. With many important announcements to come, and also it's time to decide the monthly candle formation.
This month's candle formation is shaped by:
1. trend continuation from last month, but resistance found when Chikou bounced back by Kijun in the monthly chart.
2. down trend ever since.
3. slight rebound when supported by cloud in daily chart, and EMA200 and EMA50 in weekly chart.
My guess is Euro will be bullish for a couple of days, with immediate resistance at 1.3730 (4-hourly EMA200) to 1.3750 (4-hourly Chikou support). Another strong resistance is around 1.3865 (fbr 50 of recent downtrend. The pair might linger at that level if it does reach it.
However, if there's too much weakness for it to go up, immediate support at 1.3550 to 1.3590 (4-hourly Kijun). The next support, which might not be strong, at 1.3480, and another stronger one at 1.3381.
In a nutshell:
R3: 1.3910
R2: 1.3865 (fbr 50)
R1: 1.3730 (4-hourly EMA200) to 1.3750 (4-hourly Chikou support)
S1: 1.3550 to 1.3590 (4-hourly Kijun)
S2: 1.3480 (Chikou support)
S3: 1.3380 (daily EMA200, bottom of the cloud)
~~
This might be an eventful week for Euro. With many important announcements to come, and also it's time to decide the monthly candle formation.
This month's candle formation is shaped by:
1. trend continuation from last month, but resistance found when Chikou bounced back by Kijun in the monthly chart.
2. down trend ever since.
3. slight rebound when supported by cloud in daily chart, and EMA200 and EMA50 in weekly chart.
My guess is Euro will be bullish for a couple of days, with immediate resistance at 1.3730 (4-hourly EMA200) to 1.3750 (4-hourly Chikou support). Another strong resistance is around 1.3865 (fbr 50 of recent downtrend. The pair might linger at that level if it does reach it.
However, if there's too much weakness for it to go up, immediate support at 1.3550 to 1.3590 (4-hourly Kijun). The next support, which might not be strong, at 1.3480, and another stronger one at 1.3381.
In a nutshell:
R3: 1.3910
R2: 1.3865 (fbr 50)
R1: 1.3730 (4-hourly EMA200) to 1.3750 (4-hourly Chikou support)
S1: 1.3550 to 1.3590 (4-hourly Kijun)
S2: 1.3480 (Chikou support)
S3: 1.3380 (daily EMA200, bottom of the cloud)
~~
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