Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.
All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.
Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).
Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.
Romanian Market. This is a section dedicated to Romanian stocks and indices.
Monday, February 4, 2013
EUR-USD analysis. Reversal time.
The daily chart of the EUR/USD cross reveals a bunch of clues for a mid-term reversal.
The strength of the Euro from late July until now has evolved in 3 waves (ABC structure) and it almost reached the 61.8% Fibonacci retracement of the May 2011 - July 2012 swing down.
Moreover, there are 3 AB=CD scenarios on different time scales (blue, red and green lines on the chart) that are projecting the target in the same area 1.3655 - 1.3770.
In Friday's session the price formed a spinning top candle and today it seems that the bears are dominating. In case the EURUSD cross will close the day somewhere below 1.3600 level, than a bearish engulfing pattern will be created and we should look for a reversal.