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Old 28-02-2011, 09:25
GIGFX GIGFX is offline
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Posts: 129
Default Monday 28-2-2011 Technical Analysis Report


As it was mentioned through the previous report, the end of the last week trades saw a retreating for the single currency against its counterpart, this retreating had some previous mentioned signals; one of them is the completeness of the harmonic pattern AB=CD by reaching the point D that is located between the level 1.3810 and 1.3833 which represents 161.8% Fibonacci's continuous level for the rib BC, and also the appearance of the reflective candles for uptrend in the same area of completing the pattern. It was expected that, the pair will decline till reaching the support level 1.3716 and this is what happened indeed. At the beginning of the current week trades, the pair continued forming a bottom at the mentioned support level 1.3716 that the pair used it to push upwards to re-test the nearest resistance levels such as the level 1.3767 which with its breaking, the pair will continue rising to reach the resistance level 1.3833 then the level 1.3906.

The stability of these expectations requires the stability of the support level 1.3716.

Res: 1.3816 1.3884 1.3930
Pivot: 1.3770
Sup: 1.3702 1.3656 1.3588


As it was expected through the end of the last week report, indeed, the pair succeeded to break the level 1.6125 which represents the base line of the double bottom pattern that has been formed for the medium-term price action, targeting the support level 1.6055 that was mentioned before as the first target for the pattern, the pair reached this level to test it then reflected up again re-testing the same mentioned level 1.6125.
It is expected that, the pair might retreat targeting the support level 1.6055 again then it will reach the last target of the pattern at the support level 1.5990.
But this scenario requires the stability of the key resistance 1.6125 against the pair testing with a close below with negative signals like a Japanese candles pattern or a signal of the momentum move or forming any negative pattern on the price action.

Res: 1.6174 1.6233 1.6305
Pivot: 1.6102
Sup: 1.6043 1.5971 1.5912


The bearish direction is still dominating the pair's move for the near and medium-term, this direction has been formed through the moving inside a bearish channel, whereas, the trades of the end of the last week saw rising for the pair from the formed bottom at the level 0.9233 targeting to test the nearest resistance levels such as the key resistance 0.9325 at which the price coincided with the top boarder of the bearish channel where, a top has been formed and the pair used it to push down during the last intraday trades, the pair is in its way to test the support level 0.9233 which with its breaking down, the pair will retreat till reaching the level 0.9204 which represents 127% Fibonacci's continuous level for uptrend (from 0.9325 to 0.9774). And if the pair succeeded to break this level down, the pair will retreat targeting the next support level at 0.9048 which represents 161.8% Fibonacci’s continuous level for the same mentioned uptrend.

The stability of these expectations requires the stability of the key resistance 0.9325.

Res: 0.9323 0.9361 0.9404
Pivot: 0.9280
Sup: 0.9242 0.9199 0.9161


The pair is still moving inside the bearish channel since the previous days for the medium-term, the pair is facing now the support level 0.9768 which represents the lower border for the channel therefore it's expected for the intraday trades, the probability of reflecting the pair up to test the resistance level 0.9910 which represents the top border for the channel but the pair must break the resistance level 0.9823 with the stability above it then break the level 0.9865 with the stability above it.
In case of breaking the support level 0.9768 with the stability below it, the pair will continue declining till the support level 0.9734.

Res: 0.9815 0.9849 0.9869
Pivot: 0.9795
Sup: 0.9761 0.9741 0.9707


As expected in the last week report, the pair continued rising till reached the resistance level 1.0155 whereas it was able to break this level up and also broke the bearish trend border for the long-term declaring by that the beginning of forming a new bullish direction, therefore it's expected during the next trades a further rise till reaching the level 1.0206 which represents 127% Fibonacci retracement continuous level for the bearish direction ( from 1.0155 0.9965 ) then the next resistance level at 1.0272.

This expectation depends on the stability of the support level 1.0120.

Res: 1.0205 1.0236 1.0296
Pivot: 1.0145
Sup: 1.0114 1.0054 1.0023

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