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  • EUR/USD Cracks 1.25; 1.2330-1.2350 is the Next Key Support

    From fxtimes.com

    The EUR/USD continues to hold below 1.26. We can see in the 1H chart that the attempt to break it in the 5/24 US session was quickly rejected even though 1.26 was cracked. After a bounce from the week’s low near 1.2510, there was another test of 1.26 in the 5/25 Friday US session. Again, the market rejected the bullish attempt here, this time digging into a new intra-week low, cracking the 1.25 handle. Note the RSI tagging 60 and then dipping back below 40. This reflects a persistent bearish momentum developing, confirmed if the RSI reading also dips below 30. If the bearish market extends, what’s the next area ... (full story)

still Euro is overvalued at 1.2350.

hmmm....parasitic currency...a acurrency of PIGS whose GDP's are negative...meaning ..its people are non-productive...just love coffee and tea moments along the quite road at A Night at the Elm Street.
Sorry to tell but that was not a clear break. On a 4H chart 1.25 still not broken.

I agree the sentiment is still bearish, I'll sell again on upper levels.
hey hey hey, easy cheesy lemon squeezy!!!

it "touched" 1.2500 but crack???? ^^
i think euro is weak
Quoting DrHairyBalls
hey hey hey, easy cheesy lemon squeezy!!!

it "touched" 1.2500 but crack???? ^^
It goes 1.2495 low then again up
1.25 wasn't cracked. The barrier was flushed though.
Back to the longer time frames where we believe that today’s closing will be very important as it will confirm the negative closing that occurred in the previous week below the support line that carried the movements from 1.1865.
had a stop at 1.2499 and it touched and the low is 1.2495
There must be a period of uncertainty until June 17 when Greek elections are scheduled. I estimate correction at least up to 1.2680, or even 1.3050
Quoting Fahad.pk91
It goes 1.2495 low then again up
u trying to tell me something?
EUR/USD in motion, the bottom will continue to fall down---
Today minor support at 1.2483…before a pop back to 1.2529…and a great fall to a major support at 1.2333 then another pop up to 1.2379-89 ( a close for the week), unless BIS and SNB are determined to buy more.. Start SHORTING…for a good 50pips.
we should look for support levels lower than 1.25 only after the price gets below this level and stays there. currently 1.25 is the only key support I see now
  •  Guest
  • | IP XXX.XXX.118.24
today closing will be positive and the target is 1.2710
  •  Guest
  • | IP XXX.XXX.1.93
today closing might be 1,2530 through 1,2450, if 1,25 definitely break, it will fall to 1,23
I am short since May8. my new target is 1.2450/20 for now. I will trail my stopp over resistance on the 4 h chart only!
  •  Guest
  • | IP XX.XX.72.190
WE agree 300%.

$US is terribly overvalued at 1.25. THE correction starting next week and 150pips gap up when the market opens on Sunday will greatly speed up that correction. Smart money has already booked profit in the last 48hrs. Little guys will always subscribe to gloom and doom and lose again.
Quoting explorer101
still Euro is overvalued at 1.2350.

.
Oh guest... how thee are on crack
0.8 is my TP
Quoting mpakii
we should look for support levels lower than 1.25 only after the price gets below this level and stays there. currently 1.25 is the only key support I see now
Interesting that your chart only has 1 support line, if only forex is a straight line that u can draw up n down 1.25. Pay attention to your RS lines otherwise u are more likely to get your account in red.
Quoting Guest
WE agree 300%.

$US is terribly overvalued at 1.25. THE correction starting next week and 150pips gap up when the market opens on Sunday will greatly speed up that correction. Smart money has already booked profit in the last 48hrs. Little guys will always subscribe to gloom and doom and lose again.
Yes that 150pips gap will be fill in the north, I dreamt of it the other night in my dream yellow submarine 20000 ft underwater. I rather not dream about a figure but trade with market, as long I make pious I don't care if it goes up or down just don't land yourself in a yellow submarine. Btw that yellow submariner of Dylan n fibon has stopped yacking, perhaps too submerged or on holiday. Am sure will hear more shouting from that Jp Morgan guy and the 1.36 kid.
Quoting Guest
today closing will be positive and the target is 1.2710
HAHAHAHAHAHAHAHAHA

Keep smoking that crack
Quoting NiktheGreek
I am short since May8. my new target is 1.2450/20 for now. I will trail my stopp over resistance on the 4 h chart only!
Finally a man after my own heart. Nik it goes to show you're smarter than 70% of the other Euro's going up posters on this site.
Quoting Guest
WE agree 300%.

$US is terribly overvalued at 1.25. THE correction starting next week and 150pips gap up when the market opens on Sunday will greatly speed up that correction. Smart money has already booked profit in the last 48hrs. Little guys will always subscribe to gloom and doom and lose again.
Newsflash Guest ... I've been saying to (and practicing what I preach) when the EUR/USD was 1.30.

All I know is the all the 'little guys' I read keep hoping for the pair to resume it's climb but they can't give any reasons for their belief....AND NEITHER CAN YOU.

READ THE CHARTS....READ THE CHARTS....READ THE CHARTS...

On second hand keep purchasing those long positions and transfering your money to my account.

Thanks
Quoting jonahky7
. Btw that yellow submariner of Dylan n fibon has stopped yacking, perhaps too submerged or on holiday. Am sure will hear more shouting from that Jp Morgan guy and the 1.36 kid.
They ran out of money and can't 'play' anymore.
  •  Guest
  • | IP XXX.XXX.225.204
Quoting DragonFire
EUR/USD in motion, the bottom will continue to fall down---
Today minor support at 1.2483…before a pop back to 1.2529…and a great fall to a major support at 1.2333 then another pop up to 1.2379-89 ( a close for the week), unless BIS and SNB are determined to buy more.. Start SHORTING…for a good 50pips.
Except the first sentence your 4-hour prediction turned out a mess. As I respect your knowledge that shows me it is not possible to predict DOWNS and UPS that way.
Thanks for the lesson. Have a nice weekend.
Quoting g_65756825
Except the first sentence your 4-hour prediction turned out a mess. As I respect your knowledge that shows me it is not possible to predict DOWNS and UPS that way.
Thanks for the lesson. Have a nice weekend.
It is like a verdict postponed but it is coming...say by Wednesday...

DragonFire
Jokes apart we should be in the process of rising not falling more and more. Seems like sellers are getting scarce and buyers plentiful (me inclusive).
Quoting Loadedgun
Jokes apart we should be in the process of rising not falling more and more. Seems like sellers are getting scarce and buyers plentiful (me inclusive).
Ok Loadedgun, jokes aside lets look at the daily charts shall we?

In the most recent decline of the EUR/USD beginning on May 1st until the market close Friday I would not be surprised to see a bounce back to the 1.2650 level (approximate .236 levels) even a rise up to 1.28 wouldn't bother me (of course it would take out my stops).

From a weekly chart the volume has increase but it is far lighter than what occurred in 2010 when the EUR/USD hit 1.1876. Since there hasn't been that 'panic' in the markets my goal for my shorts (opened when EUR/USD was 1.2925) is the 1.1900.

Now if I use EW analysis on the daily charts I can see the May 1st as the beginning of the downward thrust. Point 2 would have been the retracement high posted on May 21 of 1.2825 indicated that we are now in the 3rd leg of the downward journey. In that case I would be looking at the EUR/USD hitting bottom at 1.1825 (twice the distance of wave 1).

Either way I'm not buying EUR/USD; even when it does retrace, because the overall daily trend is still South.

Now for those who are doing the daily trading sure you can get a long and ride it up 100-150 pips but the downside risk is, in my opinion, too much and any rise in the EUR/USD is only an opportunity to short. The exception would be if the pair would close above 1.2900 which is the current 50% retracement of this move.

Jokes aside - hows that food for thought?
  •  Guest
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  • Story Stats
  • Posted: May 25, 2012 10:15am
  • Submitted by:
     fxtimes
    Category: Technical Analysis
    Comments: 28  /  Views: 4,764