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Monday, March 3, 2008

Technical Analysis Daily: EUR/USD

Technical Analysis Daily: EUR/USD
EUR/USD 1.5215
EUR/USD Open 1.5173 High 1.5233 Low 1.5092 Close 1.5183
The Euro continued climbing this morning against the American Dollar from the past 2 days, reaching 1.5235, which is the first resistance today. If that level is overcome, next target is expected at 1.5305, followed by 1.5390. In downward direction support is given by the Friday's bottom 1.5150, followed by 1.5110, and 1.5060.
Technical resistance levels: 1.5235 1.5305 1.5390Technical support levels: 1.5150 1.5110 1.5060
Trading range: 1.5205 - 1.5275
Trend: Upward
Buy at 1.5215 SL 1.5185 TP 1.5265

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As you can see in Figure 1, support is the price level through which a stock or market seldom falls (illustrated by the blue arrows). Resistance, on the other hand, is the price level that a stock or market seldom surpasses (illustrated by the red arrows).

Why Does it Happen?
These support and resistance levels are seen as important in terms of market psychology and supply and demand. Support and resistance levels are the levels at which a lot of traders are willing to buy the stock (in the case of a support) or sell it (in the case of resistance). When these trendlines are broken, the supply and demand and the psychology behind the stock's movements is thought to have shifted, in which case new levels of support and resistance will likely be established.

Round Numbers and Support and Resistance
One type of universal support and resistance that tends to be seen across a large number of securities is round numbers. Round numbers like 10, 20, 35, 50, 100 and 1,000 tend be important in support and resistance levels because they often represent the major psychological turning points at which many traders will make buy or sell decisions.

Buyers will often purchase large amounts of stock once the price starts to fall toward a major round number such as $50, which makes it more difficult for shares to fall below the level. On the other hand, sellers start to sell off a stock as it moves toward a round number peak, making it difficult to move past this upper level as well. It is the increased buying and selling pressure at these levels that makes them important points of support and resistance and, in many cases, major psychological points as well.

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Monday, March 3, 2008

Technical Analysis Daily: EUR/USD

0 comments:

Very Simple Very Good ;-)

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