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EURUSD chart 09-03-10
Written by Courtesy of AC-Markets   
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EURUSD
It’s now been nearly three weeks that we have been locked in this well-trodden range for EURUSD, and yesterday morning’s re-test of the old 1.3700 resistance failed once more as bulls capitulated under comments from Greece’s Papandreou.
However before we simply regurgitate the same old anticipated levels of supply and demand yet again, it’s worth highlighting a new development on the hourly chart; namely a potential uptrend channel forming within the range (and broader downtrend). If this is indeed a new uptrend, then the lower bound support can be expected around 1.3580 –an area that has already acted as a pivot point during a number of prior oscillations within the current range.
Ultimately we still expect this sideways tussle to be won by the bulls, but to do that, we must first overcome 1.3700 and 1.3735 (false breakout high); even then we see a number of potent resistance levels above. 1.3800 is the long touted 50.0% fibonacci retracement of 1.2457-1.5145, with the significant downtrend resistance seen at 1.3840 currently. Just behind there lies 1.3850 major pivot level from the way down, followed by the 50-day moving average which has finally caught up some ground at 1.3949.
It’s now been nearly three weeks that we have been locked in this well-trodden range for EURUSD, and yesterday morning’s re-test of the old 1.3700 resistance failed once more as bulls capitulated under comments from Greece’s Papandreou.
However before we simply regurgitate the same old anticipated levels of supply and demand yet again, it’s worth highlighting a new development on the hourly chart; namely a potential uptrend channel forming within the range (and broader downtrend). If this is indeed a new uptrend, then the lower bound support can be expected around 1.3580 –an area that has already acted as a pivot point during a number of prior oscillations within the current range.
Ultimately we still expect this sideways tussle to be won by the bulls, but to do that, we must first overcome 1.3700 and 1.3735 (false breakout high); even then we see a number of potent resistance levels above. 1.3800 is the long touted 50.0% fibonacci retracement of 1.2457-1.5145, with the significant downtrend resistance seen at 1.3840 currently. Just behind there lies 1.3850 major pivot level from the way down, followed by the 50-day moving average which has finally caught up some ground at 1.3949.
100309-EUR-USD
 

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