EUR-USD Technical Anlalysis

The EUR-USD pair retraced this week un to the 38,2% level of the whole move down started at 1.4550 at the end of august.

Sellers took a firm attitude at the 1.3900 area, bearing up practically yesterday’s fundamental news that lead to EURO’s surge. The EUR-USD is trading right now in the 1.3800 area and the investors are reconsidering their positions at the equilibrium levels of yesterday.

The up-thrust of yesterday broke the flag pattern at set today’s main resistance at 1.3900 level. The first support for today is at 1.3740 level and a brake of it, probably combined with a break of lower flag border, will provide signals of bearish resuming trend.

Dow Jones Industrial Average (DJIA) Technical Analysis 2011.09.08

The Dow Jones Industrial Average Index had a 700 points rally since 12^th of august in what could be la last move of a flat correction standing for wave ii of a 5 wave downward move.

Today’s closest resistance is at $11.480 and a brake of it will highlight the 11.712 area resistance. This will be the last resistance of this scenario (flat correction) and a move above it will invalidate this Elliott wave count.

The last up-move fits in a wedge pattern and a break of it can lead to $11.140 area target.  The main concern about a local top in 11.480 area is the Nikkei bullish look for today’s session.