Forex Naija

Daily:

Price broke the bullish trend line and took out the major support at 1.0512 to form a bearish impulsive wave. we are expecting a retracement to 1.0906 which have several confluences including; trendline bounce, 38.2 of the bearish swing and key level. Moreso, the bullish harami candle stick pattern at key level looks very much likely to fire a bullish run

1HR:  price gave a perfect bullish butterfly touching the key level and a possible bullish crown in the making will fire a confirmation of  a rally till 1.0906.

3rdjuly_2010

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thanks

EURO:

Daily: price hit outer trendline forming double top. this is a good bearish signal

4hr:price hit the roof of the bullish channel, might wonna retrace

15m TF: this will validate the above speculations. if price take out the last support, pull back and hit the trendline; we might just start the begining of a new retracement that could produce 200pips

attached is the PDF to be downloaded

TECHNICAL ANALYSIS FOR 2ND TRADING WEEK OF JULY 2011