EURUSD: 06 Oct - 10 Oct 2008

Important Week on Wed/Thu/Fri - refer to Forex Factory

Currently trading at 1.3774

HOURLY

• Monday may swing both ways depending on these supports. If the true body closes below 1.3710, it will be a small short for the day.
• If it can trade above 1.3848, it will be an upclose from 1.3912 to 1.4116.

DAILY

• On the daily chart, it is rejecting the monthly support1 at 1.3710.
• QQE has crossed at 34.6 which means that it may need to reverse as it has been oversold.
• The 100% FIBO is at 1.3745 and managed to hit twice on Friday on the hourly chart but there was no true body close before it shot up again.
• The daily chart points downwards for a potential to hit 1.3683 which is the daily S1 but this short may not sustain.
• 1.3912 is the new resistance and it it manages to close above that level, it may retrace back all the way up betwenn 1.4096 to 1.4175.
• If the latter is broken, it will hit even higher.

WEEKLY

• On the weekly candle, it was a huge short of approx. 830 pips.
• QQE is crossed at 35.0173 which means it may be oversold.
• It is trading way below the Gann Hi-Lo. On the weekly chart, we may see a retracement to 1.3912.
• If it manages to close above that level, it may go even higher if not, we may see a low of 1.3580.