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EUR/USD Remains Firm Despite Consolidative Activity

Posted on March 17, 2009 at 6:57 in Commentary, Market Analysis by Tim Salem

 

Hello All for another Update!

We move through the European Session now, and our thoughts on the German ZEW come to fruition with a significantly better-than-expected reading of Institutional Investor Sentiment at -3.5… from a Consensus of -7.8 and a previous reading of -5.8.

The Euro remains Well-Bid in Behavior, and breaches 1.30 Resistance with ease… although a correction is in focus here.

We add a Daily Fib Variant back in to the IntraDay Hourly view, and find some Confluence Areas.

We now find a highly probable “Transitive Rollover” coming into view with the 1.2950 Area rolling from Resistance to Support.

As is deeply common with the “Three C’s”… Continuation, Consolidation, and Co-integration… we are storing and building Energy here for a potential Break…now that we have an IntraDay Symmetrical Triangle in view.

No Commentary once again on the Capture, as there is plenty of Information already in View.

( Once again… these Captures for the Blog are indicative of my “thought processes” as we “build” our Analysis and move forward… hence they can get a little “busy” with Trend lines, S & R, and Fibonacci Ratios, etc…. as I leave them on the Charts for you to see…      ;-)

 

Give the Capture a Click, and Post-Time is 12:00 GMT.

 

 

As always… I will be back with another Update, as we need a check of other Units, as well as Gold and Oil!

:-)

 

 

 

Tags: co-integration, consolidation, continuation, currency, economics, EUR/USD, euro, Europe, Fibonacci, Germany, resistance, support, transition, ZEW

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