EUR is testing an important point
February 03, 2012 | 07:32 AM
Posted by Jack River
EUR/USD
EUR/USD reached a critical point. The resistance of 1.32 could mark the end of the last correction and restart the long-term negative trend. If to take the principles of the "five waves" according to the Elliott Theory, we are probably in front of the fifth wave. It means that we are in front of a new significant downward wave.
Resistance & Support (daily)
|
S3
|
S2
|
S1
|
Pivot Point
|
R1
|
R2
|
R3
|
|
1.3
|
1.304
|
1.308
|
1.315
|
1.32
|
1.323
|
1.328
|
USD/CAD
After breaking the support line recently, the pair continues its way down. The next support levels should be at 0.99, 0.975. And the Resistance line could be the 200 EMA which passes above the current price, at 1.005.
Resistance & Support (daily)
|
S3
|
S2
|
S1
|
Pivot Point
|
R1
|
R2
|
R3
|
|
0.989
|
0.995
|
0.9975
|
1
|
1.005
|
1.0075
|
1.1
|
GOLD
The Gold rises upward in a channel made by support trend lines. Yesterday, the price touched its resistance of 1755. In case of breaking this level, the next resistance should be at 1800.
Resistance & Support (daily)
|
S3
|
S2
|
S1
|
Pivot Point
|
R1
|
R2
|
R3
|
|
1705
|
1725
|
1735
|
1750
|
1755
|
1775
|
1800
|