Technical Analysis by Roger Stojsic: Intraday Technicals: Awaiting New Pattern Development

June 20, 2011

CURRENCY	CURRENT BIAS	POTENTIAL STRATEGY
EUR/USD (Short Term)		Prices bouncing off support near 1.42 following bearish weekend gap
GBP/USD (Short Term)		Room up to key resistance, near-term pattern completion near 1.6215
USD/JPY (Short Term)		Up off key pattern / fib resistance at 80.00
USD/CHF (Short Term)		Retesting previously established support at .8450, room down to .8425, .8390 if broken
USD/CAD (Short Term)		Waiting for a new pattern to emerge
AUD/USD (Short Term)		Waiting for a new pattern to emerge
NZD/USD (Short Term)		Down off bearish pattern highlighted Friday, awaiting new pattern development

EUR/USD (Intraday Forecast)
Potential Strategy
Prices bouncing off support near 1.42 following bearish weekend gap
What is the trend? Neutral What is this pattern? No pattern present - See all chart patterns Why is this significant? What other indicators or Fib Levels support this thesis?
Reason for Strategy
Support & Resistance Levels Resistance 3 1.4497 Recent high (point X on 1hr) Resistance 2 1.4406 78.6% of XA on 1hr Resistance 1 1.4335 61.8% of XA on 1hr Current Price 1.4268 Support 1 1.4208 61.8% on 1hr Support 2 1.4172 78.6% on 1hr Support 3 1.4127 Recent low (point C on 1hr)
Daily Chart -	1hr Chart -
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