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Weekly Price & Time: EUR/USD Breaks

Weekly Price & Time: EUR/USD Breaks

2014-01-31 16:35:00
Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD breaks major support level
  • USD/JPY finds support just above important retracement level
  • Important few days coming up for GOLD

Looking for real time Forex analysis throughout the day? Try DailyFX on Demand.

Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_JAN_31_body_Picture_3.png, Weekly Price & Time: EUR/USD Breaks

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD broke through key support this week to trade at its lowest level since mid-November
  • Our trend bias is lower in the Euro while below the 2013 closing high near 1.3800
  • The 4th square root relationship of the 2013 high is now a key downside attraction
  • A minor cycle turn window is seen later next week
  • Only a daily close back over 1.3800 would turn us positive on the Euro again

Weekly EUR/USD Strategy: Like the short side while under 1.3800.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3360

*1.3420

1.3490

1.3655

*1.3800

Weekly Price & Time Analysis: USD/JPY

WPT_JAN_31_body_Picture_2.png, Weekly Price & Time: EUR/USD Breaks

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in consolidation mode above the 38% retracement of the October to January advance near 102.00
  • Our broader bias is now negative in the rate while below 104.40
  • The 102.00 level is an important pivot that needs to be breached soon on a daily close basis if a more serious decline is to take hold
  • A turn window is seen early next week
  • A weekly close back over 104.40 would turn us positive again on USD/JPY

Weekly USD/JPY Strategy: We like the short side in USD/JPY while below 104.40.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

101.55

*102.00

102.15

103.40

*104.40

Weekly Price & Time Analysis: GOLD

WPT_JAN_31_body_Picture_1.png, Weekly Price & Time: EUR/USD Breaks

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD failed earlier in the week near the 38% retracement of the August to January decline near 1276
  • Our broader trend bias remains positive in the metal while above 1213
  • A convergence of Gann and Fibonacci levels between 1276 and 1286 needs to be overcome to signal the next leg higher
  • The next few days are important for the metal from a cyclical stanpoint
  • A daily close back under 1213 would turn us negative on the metal

Weekly XAU/USD Strategy: Like being long while over 1213.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1213

1246

1241

*1286

1300

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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