GBP/USD wave analysis for February 10, 2011 The GBP/USD pair has been trading in the range of a sloping correction structure and has formed a series of waves abc. At the same time, if the price of the currency pair manages to mark current triangular correction, the pound will have an opportunity to continue the uptrend and test again the before reached high near the 1.6275 level. Performed by Alexander Dneprovskiy, Analytical expert InstaForex Companies Group © 2007-2011 More analysis - at instaforex.com ================================================== =================================== ================================================== =================================== The EUR/USD technical analysis and trading recommendations for February 10, 2011 4-hour timeframe Overview: The euro did not strengthen the downside signal, as a result it cancelled and a new buy signal with target level 1.3960 has formed. The formed buy signal is confirmed, but weak since the Chinkou Span fixated above the price graph and the price entered the Ichimoku cloud and is still located near it. Thus, at the moment it is recommended to wait until the price passes the Ichimoku cloud, in this case the first target for the upside movement is 1.3981 – the second resistance level. If this level is passed the next target will be the third resistance level at 1.4101. Upside movement remains while the price is above the Kijun-sen (1.3630), if the price fixates below this line it is recommended to cut long positions. The Chinkou Span is above the price graph, which confirms the current buy signal and indicates bullish sentiment. The Bollinger bands show possible sideways movement, the lines are not diverging and directed sideways, which denotes a flat. The MACD is ascending, which indicates current upside movement, if it reverses down, this will indicate the beginning of correction movement. Trading recommendations: Currently it is recommended to wait until the price passes the Ichimoku cloud and trade up with the target to 1.3981. Stop loss should be placed below 1.3630. Long positions should be cut manually if the MACD reverses down. In addition to technical image, one should take into account the fundamental data and the time of their release. The chart annotation: Ichimoku indicator: Tenkan-sen — red line Kijun-Sen — blue line Senkou Span A — light brown stipple line Senkou Span B — light purple stipple line Chinkou Span — green line Bollinger Bands indicator: 3 yellow lines MACD indicator: The red line and the histogram with white bars in the indicators window. Performed by Stanislav Polyanskiy, Analytical expert InstaForex Companies Group © 2007-2011 More analysis - at instaforex.com ================================================== =================================== ================================================== =================================== EUR/USD wave analysis for February 10, 2011 Yesterday the EUR/USD pair continued to form an upside correction in relation to the downward section formed in the period between February 2nd and 7th; as a result the price managed to test the 1.3740 level. At the same time, inner wave structure of this correction became quite complex, which indicates indirectly a possibility of the euro to start trading in a horizontal corridor with amplitude of the rate change equal to 3-4 figures. Performed by Alexander Dneprovskiy, Analytical expert InstaForex Companies Group © 2007-2011 More analysis - at instaforex.com