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What I see

 

What ProAct Traders sees in the Forex starting the week of September 26, 2010 - 

 

Pictures - go to :  http://wp.me/piiLm-JJ

$EURUSD

WHAT ProAct Traders SEE:  We have come up almost to the .500 fibo which could be a key reversal area for the cross.  Immediately after that if it continues north  there are lots of barriers in the form of key resistance areas so will look for some consolidation there.  Upper target is the .618 at 1.3917.  Downside targets are 1.3253 and 1.3198.

$EURUSD -

Currently the cross is at resistance @ 1.3450.  Looking for it to go through and tag the  1.3500 (even number) and possibly the 1.3541 resistance.  Next target is 1.3574 (R7). Downside risk is to the 1.3253.

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$EURJPY -

EurJPY took a while to break from our post yeseterday.  Two possible scenarios today.  1) break to the south to the trendline and then the 111.21. 2) Build the right shoulder of a head and shoulders pattern before breaking to the same targets.  Upside risk to 113.54.

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$EURJPY rising wedge -


EurJPY currently in a rising wedge which is bearish for the cross.It is near the fourth resistance area ( R4) which is also resistance from the 240 chart.  Watch for a pullback at that area.  Downside risk to 112.91.

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$EURUSD approaching pullback area -

Euro currently near the 4.236 fibo area and the confluence of the resistance at 1.3200 (R6).  Watch for a pullback at that area.  Downside risk to 1.3070.

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HEADS UP - USD CAD reversal potential

We have an inverse head & shoulders on the UCAD and a potentil move up to the 1.0363 area

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$GBPUSD Critical area -

CAble sitting at a critical level.  A bounce here targets the double top at 1.5730 then the 1.5867 area.  A breech targets the trendline area around 1.5500.

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What ProAct Traders sees in the Forex starting the week of September 19, 2010

REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only!  CLICK ON IMAGES TO ENLARGE

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$EURUSD

WHAT ProAct Traders SEE:  We have come up almost to the .786 fibo (still a chance to take it officially out).  We are at the top of the channel so looking for the week to start in a bear move down.  Upside risk is 1.3200.  Downside targets are 1.2874 -1.2800 and 1.2600.

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Biggest Ever Yen Intervention

Great article Biggest Ever Yen Intervention — http://tinyurl.com/365kcgw

$EURUSD Critical area -

Markets are waiting on Prelim/Consumer sentiment.  Technicals prior to that  indicate: We have reached the top of the channel and have a pullback.  A  bounce on the channel line targets the double top @ 1.3161. Break of that channel targets the .382 at 1.2932.

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