Tuesday, December 15, 2009

Update eur/usd still in long term bear

eur/usd below my pivot area of 1.4846. daily charts reaching oversold conditions. 30m trading near s3 support 1.4535. I'm guessing next session might be a reversal session or after the US fed meeting. long range support area is 1.4481 and below that in case of bearish continuation is 1.4216. as long it's below my pivot point 1.4846 i believe this still to be a bear trend confirmed with lower lows in 30m timeframe. As I post this there is light buying from oversold conditions with key short-term resistance at 1.4567 and "roundnumber" support at 1.4500 handle. if trades above 1.4567 there will be a bullish case in the short-term however will be considered a counter rally below 1.4846 major bear trend with a long ways to go down if dollar bull strengthens. This would possible be amplified if the dow slides unless correlation breaks. dow in long term uptrend above 9917 with major resistance at 10574. currently lower lows in 30m timeframe short term resistance at 10481. And oil trying to jump back into bull territory above 71.89 confirmed with higher highs in 30m timeframe. a steady stream of euro and US data have yet to be released this week.

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