Euro Keeps Pushing But Is Facing Resistance

Article originally published on innerfx.com and republished here with permission

Quote of the day:“The trouble with facts is that there are so many of them.” ~ Samuel McChord Crothers

Good morning. There are whipsaws everywhere in the EURUSD charts (hourly, 4-hrs, daily) as the pair continues to push towards 1.45 but finds resistance in the 1.4450-1.4500 region. Selling on rallies is still a viable option and recent top side at 1.4500 seems a good level to look for rally exhaustion signs if more gains would occur in the next sessions. The German Ifo is one of today’s key events in the Calendar.

Let’s draw some charts and see if there are important changes since yesterday:

EURUSD

Euro Vs US Dollar 4hrs Chart 8-24-2011Euro Vs US Dollar 4hrs Chart 8-24-2011

GBPUSD

Now we have two reversal bars around 1.6570 but cable still holds above support zone. It might be a good idea to wait for a decline below 1.6450 support zone before joining the bears.

Pound Vs US Dollar Daily Chart 8-24-2011Pound Vs US Dollar Daily Chart 8-24-2011

CHFJPY

Price is in consolidation mode after recent sell-off and best thing to do now is to keep an eye on this support zone formed around 96.00. In case of a corrective rally, 98.50-99 is where to expect the CHF to face sellers

Swiss Franc Vs Japanese Yen Daily Chart 8-24-2011Swiss Franc Vs Japanese Yen Daily Chart 8-24-2011

USDCHF

Like other CHF pairs – USDCHF is consolidating after recent huge movements. Not much to do at these levels and it’s probably best to wait a bit more until it starts moving again

US Dollar Vs Swiss Franc 4hrs Chart 8-24-2011US Dollar Vs Swiss Franc 4hrs Chart 8-24-2011

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About abwehra group

The Art&Science of Trading Gold
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