Monday, November 3, 2008

forex EUR-USD Technial Analysis

As the weekly stochastic is already moving up there is a likelihood that it will form two pieces of white candlesticks for another intermediate correction. However this only can happen if at least daily and 4 hourly stochastic is starting to show upward direction again. At the moment we can see that the chances is 50:50 which is very uncertain whether to go down or up.

This uncertainty is also disturbed by the feelings of traders after looking at the monthly stochastic which is still moving downward direction. Therefore by right the way should be still going down instead of going up.

So my conclusion here is if the 4 hourly and daily stochastic are indeed later on showing upward directions. Then an intermediate correction will take place at least up to 1.3299 first level and second level 1.3658. On the opposite if it does not then it will push further deep down back to 1.2329 or more.

At this kind of situation, the fundamental can play a part to decide where the direction it should go. In doing so we will have to see what economic data will say tomorrow both on the EUR and US economic zone. If the EUR zone has better economic data and US is slightly not good then correction might take place or vice versa.

eur-usd 4 hourly charteur-usd daily charteur-usd weekly charteur-usd monthly chart
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