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THE Forex Pattern Time Report - EUR USD - Morning Session

ByThe Pattern, Price & Time Report
Published 08/24/2008, 08:00 PM
Updated 05/14/2017, 06:45 AM

Overnight the market opened lower and stayed lower throughout the night.  The break exceeded the first retracement zone at 1.4770 to 1.4737.  This market has to regain this area to begin to show any sign of strength.

Confirming the Weekly Closing Price Reversal is the key to a rally this week.  If this pair can break out above 1.4908, then look for a strong short-covering rally..  

The break took the market back to a major 50% at 1.4699 and a minor daily chart uptrending angle at 1.4694.  Intraday support could begin to build here.  If it fails to materialize then continue to look for down side pressure to the low for the month at 1.4629, then the Weekly up trending Gann Angle at 1.4537.

PATTERN

Main Trend:  Down
Main Trend Top:  1.5768  (07-28-08)
Main Trend Bottom:  1.4629 (08-19-08)

PRICE

1.6038        Main Trend Top (07-15-08)
1.5768        Main Trend Top (07-28-08)
1.5500        .618 Retracement
1.5334        50% Retracement
1.4878        Gann Angle Down

1.4792           New York Close

1.4790           Overnight High
1.4769        50% Retracement
1.4736        .618 Retracement
1.4709        Gann Angle Up
1.4699        50% Retracement****
1.4695           Overnight Low
1.4694        Gann Angle Up****
1.4669        Gann Angle Up
1.4629        Main Trend Bottom (08-19-08)
1.4537        Weekly Gann Angle Up

TIME

08-27         90-Day Cycle


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