| Forex Technical Analysis: EUR/USD & GBP/USD Rally At Fibo Support Marks
EUR/USD The EUR/USD bounced at the support trend line (Green) which looks like a correction (Wave B) of the Bullish momentum Monday (Wave A).
The EUR/USD bounced at the 61.8% Fibo support mark and is now approaching a 4 hr resistance trend line (Red).
GBP/USD The GBP/USD bounced at the 50% Fibo support mark and is continuing the Bullish rally. A resistance level (Red) is nearby which marks the top of the consolidation area.
The ABC (Magenta) is most likely part of a bigger Wave WXY (Orange) unless price manages to break below the Fibo marks of Wave X (Orange and Green).
USD/JPY The USD/JPY made a Bearish bounce at the resistance trend line (Red) which could be an extension of Wave WXY (Purple).
The USD/JPY is showing a downtrend on this time frame which is marked by a clear resistance trend line (Red).
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After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method,technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.
Stay tuned…
HeffX-LTN
Paul Ebeling
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