HighSky (HighSky)
Currencies  |  January 30, 2013 12:13:00

EURUSD opened the way to 1.36? What if today ...


Already during yesterday afternoon and evening trading euro again showed his strength when did nevykreslilo possible corrective triangular formation, but showed more classical two-phase zig-zag correction with a lower day. Current development thus seems that stage (iv) is over and denoted foray into phase (v) So it really came.

eurusd, daily comment

We will see if this analysis is correct, and now we get really into the final phase, after which would follow again turnover. As we now await important macro data from the U.S. on the GDP and interest rates, together with a commentary the Fed, we can also expect the unexpected and perhaps even greater volatility in the market. He would move up to the limit of 1.36 could look up looking extremely short.However, looking at Fibo levels, which we take as the first phase of growth, then the graph shows how important the short term resistant level 161.8% supportní level of 200% and only resistant level of 261.8%. It may be more open way to double, ie 423.6% - a border around 1.36. Since the current and see if the last correctly, the fifth wave does not yet fully in book form, it will be harder to target its possible end, but close to the boundaries of 1.36 associated with the craziness around macrodata is unimaginable today, which could trigger may be the last stop-loss order at traders speculating on the decrease of the main currency pair. It is interesting to see how the last day growth weakened while traders short ratio, which goes hand in hand with the fact that the market seems to place a new stop-loss orders, which bears camp a little smaller.

On any day fundamentally wrong information for a dollar and a possible further weakening, so we started from a technical point of view rather look at a possible sale eurusd, possibly with a stop-loss above the 423.6 Fibo, which should be valid for the next few days / weeks. Any current turnover down while longer may indicate that the fifth phase is completed, without the boundaries ever waited 1.36.

Josef Kvarda, HighSky Brokers, Inc.

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