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$EURJPY – Bounces

Cross finally took out the S4 support @ 111.68 and has bounced back to the .500 Fibo.   Should the cross decide to take another run at the bottom this is s a good place to start.  Looking for an upward move to the .786 target at 113.46 with a stall at the 113.12 area.  Do not rule out a move all the way back to the bottom.

 

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What ProAct Traders sees in the Forex starting the week of Jan 30th ,2011 –

 

$EURUSD

WHAT ProAct Traders SEE:  The market finally broke the 1.3695  top and immediately rejected any upward ,movement.  The cross is sitting on the S3 at 1.3600 area after breaking the trend line to the south.  Expect a a-b-c correction to the downside with a target at 1.3499 interim target and the .382 fibo with support in the 1.3422 area. A move back to the top would target the double top @ 1.3774.

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$NZDUSD –Takes Channel top out

Cross finally took out the R4 resistance @ 1.7758 and has now hit the top of the perfectly built channel.   Some profit taking has already occurred.  We do not think the trend is over just yet. Look for an upward move the target at 0.7814 with a stall at the .7800 area.  Do not rule out a move all the way to the bottom of the channel to accomplish the above.  If so, it should find support for another run at the 0.7714 former support . 

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$EURUSD –Takes resistance out

Cross finally took out the strong resistance @ 1.3695 and is now squaring up for the run at the 1.3774.  Cross was detained from any follow through by the .618 retracement from the day chart.  It should find support for another run at the R7 (1.3855) or the former resistance (1.3695).  Expect sellers or stalling at the 1.3775.  A break down targets the support at 1.3578.

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$EURJPY –Wedge

Cross is building a large wedge after a strong up trend.  This usually is bullish for the cross and we would expect a breakout to the north. We have tested this breakout multiple times without success.  Cross is seeking support for another run at the breakout.  Support may be found here 112.38 of deeper at 112.24.  A breakout targets first the double top at 112.90 with the S3 target at 113.27.  Expect stalling at the 113.00 psychological number.  A breakdown targets the support at 111.95.

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$EURUSD –starting the turn?

Cross is missed the 1.3695 three times yesterday so will consider that a sign of weakness. It has since pulled back to the channel line and bounced.  If the trend is your friend till it bends – it is bending. May see another move north to the 1.3650.  This will tell what the cross wants to do:  1) Take out the top again at 1.3695? or 2) breakdown. Targets down are the Fibo’s  - .500 at 1.3522 is most likely for now.

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$EURUSD –bull flag break?

Cross is approaching a critical bull flag breakout area at 1.3590 after bouncing on the .382 retracement.  A break here to the north targets the 1.3695 top.  Holding at this level keeps the interim bears intact and we will look for a move back to the 1.3510 flag bottom. There is a strong resistance at the 1.3695 area and expect the bears to come roaring in there.   Will test the R4 on the way to the top for the second time and it could be strong enough to hold it.

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What ProAct Traders sees in the Forex starting the week of Jan 23rd ,2011 –

$EURUSD

WHAT ProAct Traders SEE:  The market finally broke the 1.3400  top and has continued it’s quest for the 1.3695 top (DAY CHART RESISTANCE).  A break of the .500 fibo retracement ( DAY CHART) confirms a bullish outlook with targets above the 1.3695 at the 1.3744 (.618 fibo retracement) and 1.3855 (R7- 7th resistance).  Looking for sellers to come in at the 1.3695 area for a move back to the downside.  A strong pullback targets the 1.3412 area. 

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