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EURUSD--Thursday, January 11, 2011

Distribution of EURUSD since Sunday night opening (hourly bars):


1.2820 x
1.2815 x
1.2810 x x x
1.2805 x x x x x x
1.2800 x x x x x x x x
1.2795 x x x x x x x x x x x x x
1.2790 x x x x x x x x x x x x x x x x
1.2785 x x x x x x x x x x x x x x x x x x x x
1.2780 x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.2775 x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.2770 x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.2765 x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.2760 x x x x x x x x x x x x x x x x x x x x x x x x x x x
1.2755 x x x x x x x x x x x x x x x x x x x x x x x x x x
1.2750 x x x x x x x x x x x x x x x x x x x x x x x
1.2745 x x x x x x x x x x x x x x x x x x x x x x x
1.2740 x x x x x x x x x x x x x x x x x x x
1.2735 x x x x x x x x x x x x x x
1.2730 x x x x x x x
1.2725 x x x x x x x
1.2720 x x x
1.2715 x x
1.2710 x x
1.2705 x x
1.2700 x x x x
1.2695 x x x x x x x
1.2690 x x x x x x x
1.2685 x x x x x x
1.2680 x x x
1.2675 x x
1.2670 x
1.2665 x

Trading around 1.2670.

One possible downside pattern that would call for a further move down to 1.2478.

Charts from yesterday afternoon:

120110-1602-eurusd-daily.gif

120110-1558-eurusd-8hr.gif

And a 1 hour chart from this morning:

120111-0607-eurusd-1hr.gif

Notice how prices since Sunday night have corresponded with the internal levels between the 2.618 and 4.236 targets.


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