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EUR USD Holding Gann Angle at 1.5657

ByThe Pattern, Price & Time Report
Published 07/27/2008, 11:45 PM
Updated 05/14/2017, 06:45 AM
Analysis

Since June 13, the main range of the EUR USD is 1.5302 to 1.6038.  This range created a major retracement zone at 1.5670 to 1.5583.  Currently, all of the support is clustered inside of this retracement zone.

The first support cluster is the 50% price at 1.5670 and an up trending Gann angle at 1.5657.  This angle stopped the break last week.

The second support cluster is a combination of an up trending Gann angle at 1.5612 and a main bottom at 1.5610.

Although a break through these angles will indicate weakness, and a break through 1.5610 reaffirms the down trend, the market may still find some support at the Fib retracement point at 1.5583.

On the up side, the following scenario is developing.  If last week's low at 1.5627 continues to hold, then look for a retracement of the 1.6038 to 1.5627 range.  This retracement target zone is 1.5833 to 1.5881.  A major downtrending angle from the all-time high splits this zone at 1.5833.

With the main trend down, look to sell a rally to 1.5833 to 1.5881.  Aggressive counter-trend traders can continue to probe the long side inside the 1.5670 to 1.5583 support zone particularly at the support clusters.

Pattern

Main Trend:  Down
Main Trend Top:  1.5945 (07-22-08)
Main Trend Bottom:  1.5610 (07-07-08)

Price

1.6038        Main Trend Top
1.5945        Main Trend Top
1.5881        .618 Retracement
1.5858        Gann Angle Down
1.5833        50% Retracement

1.5708       New York Close

1.5670        50% Retracement
1.5657        Gann Angle Up
1.5627        Minor Trend Bottom
1.5612        Gann Angle Up
1.5610        Main Trend Bottom
1.5583        .618 Retracement
1.5457        Gann Angle Up
1.5302        Main Trend Bottom

Time

Aug 1          180 Day Cycle
Aug 2          180 Day Cycle

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