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).

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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.



Posted by Adrian Filip at 12:17 PM
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