Sive Morten
Special Consultant to the FPA
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EUR/USD Daily Update, Fri 14, October 2011
Good morning,
On daily chart we see some inside trading sessions and no retracement due overbought. It tells that market rather strong, and probably today we can expect some upside continuation, since overbought level at 1.3970...
On 4 hour chart we see nearest target at 1.3840-1.3880 area of Agreement and forming bullish dynamic pressure - trend has turned bearish but market stands flat.
On hourly chart 2 patterns - bullish Stop grabber (in circle) and Butterfly sell with minimum upward target at 1.3855-1.3865, extended 1.618 at 1.39-1.3920.
So, I suggest that to the upside we will achiieve 1.3880 at minimum, especially if Retail Sales will help us.
Other scenario is to the downside. If market will erase Butterfly and move below 1.3670 area, prefferably by some thrusting move, then probably we can count on continuation to 1.34.
But currently it looks more bullish rather than bearish.
Good morning,
On daily chart we see some inside trading sessions and no retracement due overbought. It tells that market rather strong, and probably today we can expect some upside continuation, since overbought level at 1.3970...
On 4 hour chart we see nearest target at 1.3840-1.3880 area of Agreement and forming bullish dynamic pressure - trend has turned bearish but market stands flat.
On hourly chart 2 patterns - bullish Stop grabber (in circle) and Butterfly sell with minimum upward target at 1.3855-1.3865, extended 1.618 at 1.39-1.3920.
So, I suggest that to the upside we will achiieve 1.3880 at minimum, especially if Retail Sales will help us.
Other scenario is to the downside. If market will erase Butterfly and move below 1.3670 area, prefferably by some thrusting move, then probably we can count on continuation to 1.34.
But currently it looks more bullish rather than bearish.