Technical Analysis Of EUR/USD on 08/FEB/13

The major currency pair slipped below the 1.3469 and also monthly pivot level yesterday, as the price finally pulled away from a flat zone at 1.3584/54. Currently EUR/USD s being supported by 1.3375. If consolidation takes a lead further, the next support levels will be the 1.3293/73 zone, where the FIBO and Moving average, weekly support level are located.

Elliott Wave Analysis - In yesterday wave count i  expect Wave [b] of c from 1.3440 level but this level is breached and fell below the Monthly pivot level. Wave [c] is started from the weekly pivot point.

 

Technical Analysis of EUR/USD on 07/FEB/13 Update I

Tecnical Analysis - EUR/USD carries on consolidating just above1.3469 level. According to technical indicators, an extended rally from this level in the short run is unlikely, being that in the longer term there is a significant risk of a reversal. Still, the positive outlook will remain as long as supports at 1.3408 and 1.3293 are intact.

 Wave Analysis - EUR/USD in [a],[b],[c] (yellow) corrective wave pattern. In this corrective wave pattern wave [a] in yellow end @ 1.3450 level. I am looking for wave [b] and [c].

Trader Sentiment - In one of the popular sentiment index, as the share of LONG position stands at 42% and the portion of shorts at 58%.

(To view below Chart Right Click above the chart and view Image)

Technical Analysis Of EUR/USD on 07/FEB/13

Tecnical Analysis - EUR/USD carries on consolidating just above1.3469 level. According to technical indicators, an extended rally from this level in the short run is unlikely, being that in the longer term there is a significant risk of a reversal. Still, the positive outlook will remain as long as supports at 1.3408 and 1.3293 are intact.

 Wave Analysis - EUR/USD in [a],[b],[c] (yellow) corrective wave pattern. In this corrective wave pattern wave [a] in yellow end @ 1.3450 level. I am looking for wave [b] and [c].

Trader Sentiment - In one of the popular sentiment index, as the share of LONG position stands at 42% and the portion of shorts at 58%.