Sive Morten
Special Consultant to the FPA
- Messages
- 18,690
EUR/USD Daily Update, Wed 11, January, 2012
Good morning,
there is nothing new on daily time frame. Our crucial point here is still low of piercing in the cloud pattern. This also even more significant since market has no reason to show new lows since it has hit all targets around already. One reason is only downward continuation.
Most important information for today's trading session is on 4-hour and hourly TF.
4-hour trend holds bullish and you can see that market shows retracement to 0.618 Support that we've discussed yesterday. Our major attention should be focused on possible stop grabbers that could appear here. If they will - we can count at least on greater AB=CD to 1.2880 or even higher. If market will shift trend bearish and move through 0.618 Fib support, then it will probably mean that retracement will happen not at this time.
This level is also signficant for another reason.
Take a look at houry chart. Now market has hit Agreement at 1.2740. If it will proceed lower and move below 1.2726 - it will erase current AB=CD pattern on houry chart. So, now we stand at signficant area and have to keep an eye on it.
Appearing of stop grabber or fast jump from it will mean that we can count on greater AB=CD on 4 hour time frame. If market will move and close below it, shift 4-hour trend to bearish, then downward continuation will become more probable.
Good morning,
there is nothing new on daily time frame. Our crucial point here is still low of piercing in the cloud pattern. This also even more significant since market has no reason to show new lows since it has hit all targets around already. One reason is only downward continuation.
Most important information for today's trading session is on 4-hour and hourly TF.
4-hour trend holds bullish and you can see that market shows retracement to 0.618 Support that we've discussed yesterday. Our major attention should be focused on possible stop grabbers that could appear here. If they will - we can count at least on greater AB=CD to 1.2880 or even higher. If market will shift trend bearish and move through 0.618 Fib support, then it will probably mean that retracement will happen not at this time.
This level is also signficant for another reason.
Take a look at houry chart. Now market has hit Agreement at 1.2740. If it will proceed lower and move below 1.2726 - it will erase current AB=CD pattern on houry chart. So, now we stand at signficant area and have to keep an eye on it.
Appearing of stop grabber or fast jump from it will mean that we can count on greater AB=CD on 4 hour time frame. If market will move and close below it, shift 4-hour trend to bearish, then downward continuation will become more probable.
