Strong bearish signal has pushed the EUR-USD deep to oversold position, but is it going to stop soon when the Euro Zone market open or continue going down until the US session open during the ADP non-farm payroll news release. All technical indicators such as MACD and stochastic still showing fairly strong bearish in all major time frames (daily, weekly, monthly). Approximately 400 pips or about 400% down from the previous Monday position. This means the long-term downtrend is very much underway with minor hurdles along the way. Using the [...]
Posts Tagged ‘ADP’
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ADP Non-Farm Payroll: No correction for EUR-USD
My bad!! Yesterday was one of the few technical analysis failures that didn’t go the way i want it. I was expecting the EUR-USD making correction after the ADP Non-Farm payroll and ISM Non-manufacturing PMI economic data released but instead it went further down to new low level at 1.2797. This is highly oversold position!! As of today, the market still showing no sign of correction and all major indicators signal are strong on the downside. At this point i still believe there must be corrective move initiative underway to [...]
EUR-USD Technical Analysis – 08 May 2010
The first ADP non-farm payroll data release didn’t stop the EUR-USD to slide further down to its previous support level at 1.2514 but the Non-Farm Employment Change data release did cause the market to make minor correction upside to 1.2727. In the long-term market view we can see that the market has already touched down on the previous support level, which leads to decreasing in the bearish trend sentiment in the coming weeks to come. Be cautious not to get caught at the bottom when the market start to lift [...]
