March 10, 2011

  • Trend line in daily chart is being tested.
  • Closing below the trend line will be negative for the bulls.
  • Price for now has paused at the 50 day moving average. 
  • Price sustaining below 50 dma will change the trend in favor of bears.
  • EURUSD Hour chart analysis

  • Eurusd hour chart is looking negative. Price is trending down in a channel.
  • Price will continue to move down as long as it sustains below 50 hour moving average.
  • 1.37 is an important support level. 

  • ES did a retest of the broken support line as discussed below and has started falling.
  • ES Hour chart with broken support line acting as resistance.
  • An up move will be possible only if ES manages to cross 1310.
  • Big correction will take place once ES breaks 1296 level. 
  • If the support line of this expanding triangle is held we could see an intraday up move.
  • Breaking below the support line will be negative for the bulls and it could slip towards 5450 and 5400 levels.
  • 50 day moving average and the support resistance lines should give direction soon.
  • The fib chart shows what has been going on, price moving up and down between 23.6% to 38.2%. So a decisive close above or below these levels can give good direction.
  • According to fib levels we may get these targets, Close Below 5413 means price moves towards the recent low. Close above 5600 = 5677 and 5796. 


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore