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WE are having rolling blackouts across Texas due to the Arctic Storm.  Possibility exists that there may not be electricity tomorrow so if the room is not open that is why.

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$EURUSD – pulls back

As expected the Cross finally took out the target @ 1.3863 and has pulled back to the R4 target @ 1.3811  We should expect a pullback here to the .382 fib retracement @1.3751 / .500 fib retracement @1.3715.   Looking for an upward move to continue after the pullback.  A double top would be 1.3863 with targets beyond at 1.3940. 

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Looking for an upward move to continue to the 1.6166 resistance

As expected the Cross finally broke out of the wedge and took out the resistance @ 1.6066 and has moved to the R5 target @ 1.6130.  WE should expect a pullback here and then a run at the 1.6166 resistance.   Sitting currently just above the .786 fibo from the day chart. Should the cross decide to take a run at the bottom target would be a return to 1.5986..  Looking for an upward move to continue to the 1.6166 resistance.  A double top would be 1.6308 

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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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