Forex4you Technical Analysis 08 Feb 2011

EUR/USD: Technical Analysis

Level 1.3530/00 proved to be a strong support - the price failed to breach this barrier again and pulled back upwards. Trading is currently carried out at 1.3610\20. Indicators are changing their reading, although it's clearly seen only in R%, so it's too early to make any final conclusions - the situation is uncertain. Range trading within 1.3700-1.3530 may continue. Decline below 1.3500, i.e corrected up trend channel line (blue lines) breakout indicate the change of sentiment in the market. If the price holds below support at level 1.3450/60, the "bearish" trend will be considered dominating. Reversal up, above level 1.3780 suggests reversal to growth with the next stop at level 1.3900/10.

http://www.forex4you.com/images/site/EUR080211.GIF

GBP/USD: Technical analysis

A reversal in the pair didn't bring any significant changes to the structure and the price had been consolidating within narrow ranges for quite a long time. It didn't breach any strong support/resistance levels, mentioned previously as the target ones, so the prior forecast applies - trend (green) line, that links August and November 2009 maximums, is likely to be tested at level 1.6330/20 in the near future. Decline below 1.6060 will be the first signal to the change of moods in the market. Fixation above 1.5750 will indicate that the growth is over. It's worth noting, by the way, that the price is currently making attempts to breach the up trend channel line (blue lines) and indicators are turning more to "bearish", which means that a downtrend scenario may eventually win.
http://www.forex4you.com/images/site/GBP080211.GIF

EUR/JPY: Technical analysis

This pair has reached the top of the down-sloping channel drawn from the January highs at 112.20 and rolled over, striking lower today. It is possible the corrective rally is over and we may be beginning a new Elliot wave down which could reach at least to the lower channel line at approximately 110.30; although the monthly pivot at 111.05 may also impede its descent.

http://forex4you.ninjacdn.net/charts/EURJPY080211.png

Analysis by: Forex4you.com written by Forex4you analyst

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