Daily Technical Analysis

The EURUSD had a significant bullish momentum on Friday, topped at 1.4375 and closed at 1.4324. On h1 chart below we can see that the bearish channel has been convincingly violated to the upside indicating bearish failure and potential bullish scenario. The bias is bullish in nearest term targeting 1.4446… Read more….

Bullish Leanings

Update: Also McClellan’s, ($NYMO) a popular oscillator, is oversold. I have bullish leanings (wave-wise) based on a few items here and the charts Kenny has shown over the weekend. 1.) Daily SPX chart. 50/200 crossover. This technical aspect hasn’t happened in a bullish manner since Sep 2006. So I have to respect that potential. It [...]

Daily Technical Analysis

The EURUSD had a bullish momentum yesterday. I think the situation is a little bit tricky right now and we must be very very patient. While ‘head and shoulders’ bearish scenario seems to diminish since failure to move consistently below the neckline, a ‘flag’ formation appear on daily chart suggesting… Read more….

Daily Technical Analysis

The EURUSD had a bullish momentum yesterday. On h4 chart below we can see that the bearish power failed to break below 1.3790 support area and support trendline still hold. The bias is bullish in nearest term but we seem to have important resistance around 1.4100 area. Break above that… Read more….

Daily Technical Analysis

The EURUSD made indecisive movement yesterday by opened and closed at almost the same price. On hourly chart below we can see that further bearish correction was rejected around key level 1.4050 area. However the bearish correction can not be said over yet and there might be another downside attempt… Read more….

Honing in on a P2 target

First, let me say that I think the market likely hit either a “D” or “X” wave peak today. In either case, we are looking at a 5-3-5 zig zag down. How bearish and big the zig zag only the market can determine. Lets just say that 880 holds and perhaps we get an E [...]