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The Forex Pattern Price Time Report - EUR USD - Morning Session

ByThe Pattern, Price & Time Report
Published 08/13/2008, 08:00 PM
Updated 05/14/2017, 06:45 AM

Fundamentally, the U.S. Dollar is bullish on the longer-term charts, but short-term developments in the U.S. financial markets are likely to produce downside pressure.  Technically, the U.S. Dollar is beginning to show signs of being overbought after a strong rally against all the major currencies.  

EUR USD traders could be looking at a short-term bottom driven by technical factors and the anticipation of more negative banking issues.  The charts indicate that if U.S. financial institutions remain under pressure because of the credit crisis, this market may go on a full retracement of the recent break to 1.5427.

The Closing Price Reversal Bottom at 1.4814 has been confirmed.

If an uptrend begins to develop from this bottom, then look for the start of a retracement to 1.5426 to 1.5570.  

The first area that will provide a selling opportunity is 1.5158.

PATTERN

Main Trend:  Down
Main Trend Top:  1.5768  (07-28-08)
Main Trend Bottom:  1.4437 (02-07-08)

PRICE

1.5570        .618 Retracemement
1.5426        50% Retracement
1.5398        Weekly Gann Angle down
1.5158        Gann Angle down
1.4935           Overnight High

1.4922           New York Close

1.4850           Overnight Low
1.4814        Closing Price Reversal Bottom (08-12-08)
1.4772        Gann Angle Up
1.4699        50% Retracement
1.4659        Gann Angle Up
1.4382        .618 Retracement

TIME

Aug 16          1-year anniversary




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