Archive for February, 2012
« Previous EntriesEURUSD: Opting to Pass on Short For Now
Wednesday, February 29th, 2012Strategy: Pending Short Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 1.3460, hinting a deeper pullback may be ahead. Risk/reward considerations argue against entering short however with the next layer of support just ahead at 1.3321 at the February 9 high. As such, we will remain on the sidelines for [...]
Eurepean Central Bank LTRO Results in Choppy Intraday Trade
Wednesday, February 29th, 2012By Joel Kruger, Technical Strategist for DailyFX.com Summary Points ECB LTRO a little higher than expected Euro risks still tilted to upside with focus on establishment above 1.3500 Yen stabilized after bout of intense selling Global equities remain very well supported but still see risks for pullback Fed Chair Bernanke due to speak; markets [...]
Euro Reversal is Likely in the Next Few Days
Tuesday, February 28th, 2012Yesterday’s drop has nearly been retraced and there is no change to the call for “an extension of the rally towards Fibonacci objectives of 13584 (100% extension of 12623-13234 rally) and 13627 (61.8% retracement of decline from the 10/27/11 high). The former level intersects short and long term channels on Thursday. A rally to the [...]
Euro Still Showing Constructive Tendencies While Above 1.3350
Tuesday, February 28th, 2012By Joel Kruger, Technical Strategist for DailyFX.com End of month flows could influence trade Euro risks still tilted to upside with focus on establishment above 1.3500 Yen stabilized after bout of intense selling Global equities remain very well supported but still see risks for pullback ECB LTRO on Wednesday remains in focus We are [...]
Dollar / Yen Short Side Favored Under Sunday Night Low
Monday, February 27th, 2012The USDJPY has reversed sharply following the 5 wave advance from the 2/1 low. Supports to watch in the coming week(s) are 7990, 7935, 7865, and 7830. Play the short side as long as price is below last night’s low (8166). Resistance is 8075.
Yen Poised for Short-Term Bounce; ECB LTRO, Fed Chair Bernanke Due – February 27, 2012
Monday, February 27th, 2012By Joel Kruger, Technical Strategist for DailyFX.com Yen continues with precipitous decline; should be poised for rebound Signs of cyclical top in yen helping to accelerate the moves Euro consolidates latest gains and contemplates push above 1.3500 ECB LTRO, Greece vote and Fed Chair Bernanke testimony key events for week Australian Dollar starting to [...]
Euro Focus Remains Firmly on 13600
Friday, February 24th, 2012Prepared by Jamie Saettele, CMT for DailyFX.com “There is no change for the call for an extension of the EURUSD rally that began at the January low. Fibonacci objectives are near 13600 and intersect with channels in early March.” 13340 and 13295 are supports and the bias is firmly higher above 13186 with the [...]
Euro Strength But Fundamentals in Question – February February 24, 2012
Friday, February 24th, 2012By Joel Kruger, Technical Strategist for DailyFX.com Euro well bid; many left scratching their heads On the surface it would seem that the Euro should be lower Upon deeper investigation there is some fundamental sense to the bounce Technical studies have not disputed the Euro bounce and still classify as corrective Still risks to [...]
EUR/USD Classical Technical Report February 23, 2012
Thursday, February 23rd, 2012By Joel Kruger, Technical Strategist for DailyFX.com Thursday’s break above 1.3325 is significant and could now open the door for additional gains over the coming sessions. The key will be whether the market can in fact establish above 1.3325 and close above the level today. Inability to close above the level will call into [...]
Euro Takes Out Key Resistance; Yen Remains Very Well Offered
Thursday, February 23rd, 2012By Joel Kruger, Technical Strategist for DailyFX.com Euro breaks through key resistance to warn of additional gains Risk correlated currencies also find renewed bids in the upbeat session Yen in focus; recent price action somewhat of anomaly Daily technical studies show severe oversold reading in Yen Familiar Yen correlations have broken down across the board [...]
« Previous Entries