The pair went into Long mode on 16th Nov and has held that momentum read. The flows of sentiment from overbought to oversold are readable, and reliable, and are right now overbought. The price action is in a sideways channel, but the near-term trend has allowed the tests of support…
Equity Sell-Off Empowers The Dollar Bulls
Overall, the sell-off from the equity markets had a major influence on the pound and on the aussie, but interestingly, it had only limited effects on the euro and swissy. Driven by risk-aversion, the yen broke below the 86.00 area, to reach the lowest value since 1995. Thanksgiving Day has…
EURUSD: Clears The 1.5062 Level, Corrects
After exactly one month following its loss of upside momentum at the 1.5062 level, EUR was seen decisively breaking through that level on Wednesday as well as the 1.5082 and the 1.5100 levels to close higher at 1.5132. This victory and its medium term resumption is coming on the back…
GBPUSD: Downside Pressure Still Dominates
The pair was seen wiping out its Wednesday losses in early trading today suggesting further downside losses towards the 1.6459 level where its Nov 20’09 high is located. Further downside risk comes in at the 1.6249/60 area, its Oct 26’09/Nov 03’09 lows. These two key levels must hold if tested…
Forex and Dow Jones Recommended Levels
EUR/USD Today’s support: – 1.5012(main), where correction is possible. Break would give 1.4980, where correction also may be. Then follows 1.4962. Break of the latter would result in 1.4946. If a strong impulse, we would see 1.4929. Continuation will give 1.4897.