Forex4you Technical Analysis 15/10/10

EUR/USD: Technical Analysis

Sideways consolidation continued within the range 1.3770/60-1.3570, like it had been previously assumed. The price still resides in this range, at level 1.3630/40. Indicators are turning downwards, which explains the anticipation of a further price fall to the new minimums. Nevertheless, to continue their trend the "bears" have to breach support 1.3570 with the following high possibility of levels 1.3500/1.3490 and 1.3380/90 tests later. At the same time, there is still a possibility for a reversal to growth in a medium-term level, which will take place if the trading raises above 1.3840/50.

http://www.forex4you.com/images/site/EUR151110.GIF

GBP/USD: Technical Analysis

Attempts to continue growth ended at level 1.6150/60. The price failed to breach this barrier and returned downwards, where it currently resides - at level 1.6070/80. Indicators are mostly neutral, though seems like some of them, especially R%, suggest a possible decline. So, the "bearish" priority obviously remains. Support level 1.5980/70 breakout is considered a significat event, suggesting uptrend channel line (blue lines) test within the price range 1.5830/20 in the nearest future. The alternative variant - reversal to growth- will be more likely in case the price fixes above the previously mentioned resistance level 1.6200.

http://www.forex4you.com/images/site/GBP151110.GIF

EUR/JPY: Technical Analysis

The exchange rate has been gently correcting the rise from Friday’s 111 lows. It could come back as far as 112.60 where the 50 Day MA rests, or even start to rise from its current position. The next move will probably be a rally up to slightly beyond the old highs at 113.70 where price will encounter resistance from a trend-line overhead. This could be labelled as an Elliot wave 5 of the move up from Friday’s lows and should complete the wave.

http://forex4you.ninjacdn.net/charts/EURJPY151110.png

Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst

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