February 4, 2014

  • Chart one and two shows important support lines, In that 173 is crucial to hold if not we may see price testing 200 SMA at 170 levels.
  • EURUSD Support and Resistance levels
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  • EURUSD Daily chart shows the possibility of a bounce from near 200 Day SMA.
  • Bounce is likely to be small with Month chart showing a larger bearish possibility.

  • Nifty near 200 SMA. Recent fall below 200 SMA did not last long. Bulls may hope for the same scenario to play out. But when the trend is strong it usually favors one who follows and not the one who predicts.
  • Daily closing below 5972 will weaken things further for Nifty bulls.
  • Possible fib support at 38.2% Fib level (5918) If 5972 does not hold on closing basis.
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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