Daily Analysis – 02/19/2012

By February 19, 2012Analysis

Charts of The Day

 

EUR/USD

 

The EUR/USD is ready to make a decision it seems. On Thursday of last week we were treated to a large bull pin bar which at this point has not hit a 1:1 RR if you used the low of the candle as a stop loss area. If you used the 50% length of the candle as a stop, then 1:1 has been achieved. Now, technically the rising trend has been broken by the low of the pin bar candle supported by 1.3000 round number. There is now a setup in place for a Head & Shoulders pattern to complete, setting the stage for another leg down.

 

EUR/USD Daily Forex Chart Analysis

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EUR/JPY

 

EUR/JPY has hit the first level of resistance. Poor Japanese data may allow it to go as high as the resistance zone marked on the chart before retracing to test support. This is a clean looking chart.

 

EUR/JPY Daily Chart Forex Analysis

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AUD/JPY

 

The AUD/JPY jumped out of its flag formation quickly at today’s open, ran up to resistance and retraced, not yet filling the gap. Nearly all gaps are filled at some point during the week, so expect a retrace to fill.

 

AUD/JPY H4 Forex Chart Analysis

click to enlarge image

 

 

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