fxpulsation Posted February 6, 2012 Report Share Posted February 6, 2012 Daily Technical Analysis Thu,February 06, 2012 The EURUSD was indecisive last week. As you can see on my h4 chart below price has been moving sideways since January 26. The bias is neutral in nearest term and need a clear break from the range area to see clearer direction. Price is still in a bullish phase since bounced from 1.2625 and broke above the trend line resistance but no further bullish scenario can be expected until a clear break above 1.3240/50 area. On the downside, a clear break back below 1.3000 could stop the bullish phase, testing 1.2930 even lower. Aggressive intraday traders can long around 1.3000/25 or short around 1.3240/50 with tight stop loss. The GBPUSD was indecisive last week and now struggling around 1.5780. The bias is neutral in nearest term. The bullish momentum seems hesitate and still unable to consistently move above 1.5780 but only a clear break and daily close back below 1.5700 could stop the bullish intraday outlook and probably turn the intraday bias to a bearish view testing 1.5600. Immediate resistance is seen around 1.5830. A clear break above that area would keep the bullish scenario strong testing 1.5900 - 1.6000. The USDJPY had another indecisive movement last week. There are no changes in my technical outlook where price is still in a long period of consolidation phase with low volatility since six/seven months ago. However, looks like the nearest term bias turns bullish now testing 77.30 area. I still prefer to have a long term perspective seeing area above record low 75.56 as a buy zone expecting huge bullish reversal scenario. The USDCHF didn't make significant movement last week. The bias remains neutral in nearest term with range area to be closely watched between 0.9320 - 0.9050. As long as stays below 0.9320 the bearish scenario since the failure to break above 0.9600 should remain intact and I still prefer a bearish intraday scenario at this phase. Immediate support is seen around 0.91750/50 A clear break below that area could trigger further bearish pressure testing 0.9100 - 0.9050 region. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
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