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EUR/USD 10/08/2012 Daily, 4h and 60min Chart Analysis by fxlisting net

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Old 10-08-2012, 10:53
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Default EUR/USD 10/08/2012 Daily, 4h and 60min Chart Analysis by fxlisting net

COMMENTS: We repeat today the presentation of yesterday. Three charts, 60min, 4 hours and daily.

COMMENTS ON DAILY CHART: Seems that for the time, the resistance of the 50SMA it was strong enough to reverse the path of the parity. Unless the very recent rebound is only an internal "micro-wave" of the main down trend, it is too short to be considered as rebound. Therefore, either it turns up and grows to a normal rebound size, or, the parity continues falling deeper.
SUGGESTIONS ON THE DAILY CHART: The suggestions of yesterday considered the value of the 50SMAas the turning level for either direction new positions. Whoever opened short positions he keeps them opened. The other friends, the ones who opened long positions should wait, if they can, until the parity breaks from above the blue channel drawn in the chart.

COMMENTS ON THE 60 MIN CHART: If you compare the chart posted yesterday with this one, you will find that the price followed the technical elements of the yesterday's chart with discipline and faithfully. As was expected the area of the three Ellipses at the level of 1.2380 were too strong resistance for the parity to sustain a further increase. Thus, the various "1-2 Waves" set ups concentrated in the same area produced a fall to the 1,618 Fib level, the so called, "golden cut" number or scientifically the φ number of Pythagoras. There is a white Ellipsis climbing from below and is expected to act as support. In case the parity does not reverse while meeting the white Ellipsis, will continue falling deeper and deeper.

SUGGESTIONS ON THE 60 MIN CHART: The short running positions stay opened. On the intersection with the white Ellipsis, either close the short positions, or, reduce to the minimum your exposure. No long positions are suggested before the action of the white Ellipsis.

COMMENTS ON THE 4 HOURS CHART: In this chart, the support for the parity is played by the blue Ellipsis measuring the eventual correction of the swing from 1.2040 - 1.2440 levels. Thus, this blue Ellipsis is strong enough to reverse the path of the parity. Otherwise, the unequivocal crossing from above of this strong Ellipsis will signal the strong falling tendency of the parity.

SUGGESTIONS ON 4 HOURS CHART: In my opinion, the parity is heading for the level of 1.19 and even lower. Stay short and be careful on the blue Ellipsis of this chart. Remember, the 4 hours and the Daily charts indicate targets more distant than the ones indicated by smaller time frame charts.
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