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  • #7,181
  • Apr 24, 2008 10:33am Apr 24, 2008 10:33am
building long positions below 15666 ...
its just money
  • #7,182
  • Apr 24, 2008 10:45am Apr 24, 2008 10:45am
hitting first fib level...
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  • #7,183
  • Apr 24, 2008 10:48am Apr 24, 2008 10:48am
So what does that mean? Is it time for eurusd to turn around? It dropped 250 pips today already.
Expected the unexpected
  • #7,184
  • Apr 24, 2008 10:57am Apr 24, 2008 10:57am
Quoting scyang
So what does that mean? Is it time for eurusd to turn around? It dropped 250 pips today already.
well.. it's a good support level.. and better if it is hit in a oversold position for the day as now..
  • #7,185
  • Apr 24, 2008 10:58am Apr 24, 2008 10:58am
Retrace?
  • #7,186
  • Apr 24, 2008 11:01am Apr 24, 2008 11:01am
Quoting Clouds
Retrace?
not sure...
could have been profit taking from london session
  • #7,187
  • Apr 24, 2008 11:02am Apr 24, 2008 11:02am
It looks were going to be stuck in that range from 1.5655 to 1.5850 for a little while again. It certainly is concerning that when it broke 1.60 that it couldn't hold above that key level. I dont think many analysts or traders would have thought that there wouldn't have been a large breakout once it hit that key level. What are your thoughts as to why EUR couldn't hold or breakout at 1.60?
  • #7,188
  • Apr 24, 2008 11:05am Apr 24, 2008 11:05am
Quoting fxtrader42
It looks were going to be stuck in that range from 1.5655 to 1.5850 for a little while again. It certainly is concerning that when it broke 1.60 that it couldn't hold above that key level. I dont think many analysts or traders would have thought that there wouldn't have been a large breakout once it hit that key level. What are your thoughts as to why EUR couldn't hold or breakout at 1.60?
that 1.60 was clearly a target level
  • #7,189
  • Apr 24, 2008 11:09am Apr 24, 2008 11:09am
Any clues for targets on the downside?
  • #7,190
  • Apr 24, 2008 11:12am Apr 24, 2008 11:12am
Quoting emda
not sure...
could have been profit taking from london session
I think the big move down was due to in large the poor numbers coming out of the EUR zone and the UK. Then Trichet saying that he was still very concerned about the strength of the EUR against the dollar and how he thinks it's strength will continue to hurt the EUR zone economies. However, he still claims that he is mainly concerned about inflation but the question comes into play how long can he continue to keep interest rates where they are and not worry about growth. I think that is the major concern when looking at the weak economic data out of the EUR zone and the UK. Then when you look at the housing numbers in the US you have to wonder if we have bottomed out and how long it will take us to get out of this recession. If we still have a while before we pull out of this then you can bet that Trichet will really have to start worring about the EUR zone spinning into the same kind of recession. Europe and the UK always seem to lag the US by about 4 to 6 months so we will have to wait and see how bad things truly are over there.
  • #7,191
  • Apr 24, 2008 11:27am Apr 24, 2008 11:27am
The Real loser today, is not the EUR, it's the CHF. All the EUR crosses are down, except the Swissy.
  • #7,192
  • Apr 24, 2008 11:31am Apr 24, 2008 11:31am
Quoting Clouds
Any clues for targets on the downside?
It will down today one more time after this final up move to 1.5670 to 1.5620.
But The Down move isn't complete, my target is 1.55.
Strategy for the next days:
Short every time you see a 50pips up move.
  • #7,193
  • Apr 24, 2008 11:32am Apr 24, 2008 11:32am
Quoting Clouds
Any clues for targets on the downside?
For me the question is how long will EUR stay below 1.5650. I think if it has trouble holding above that level for a few days then we might be able to start talking about 1.50 again soon. My target has been for the last month or so 1.45. I have dollar cost averaged for the last 2 months to the point where my price average is 1.5800 but when I take into account all of the interest I have paid to hold my position my breakeven is now 1.5725. So today has been a very good day for me and I have thought about taking profits of the table all day but I dont think I will do that until it hits 1.54; continuing to scale out at 1.52, 1.50, ... to 1.45. I thought I was in a world of trouble when it hit 1.60 which was the last level I was willing to sell at.
  • #7,194
  • Apr 24, 2008 11:35am Apr 24, 2008 11:35am
Quoting Clouds
The Real loser today, is not the EUR, it's the CHF. All the EUR crosses are down, except the Swissy.
The CHF always goes in opposite direction to EU, so that is why it is not down
  • #7,195
  • Apr 24, 2008 11:36am Apr 24, 2008 11:36am
Quoting tamster
The CHF always goes in opposite direction to EU, so that is why it is not down
meant the EUR/CHF cross
  • #7,196
  • Apr 24, 2008 11:38am Apr 24, 2008 11:38am
Quoting fxtrader42
For me the question is how long will EUR stay below 1.5650. I think if it has trouble holding above that level for a few days then we might be able to start talking about 1.50 again soon. My target has been for the last month or so 1.45. I have dollar cost averaged for the last 2 months to the point where my price average is 1.5800 but when I take into account all of the interest I have paid to hold my position my breakeven is now 1.5725. So today has been a very good day for me and I have thought about taking profits of the table all day but I dont think I will do that until it hits 1.54; continuing to scale out at 1.52, 1.50, ... to 1.45. I thought I was in a world of trouble when it hit 1.60 which was the last level I was willing to sell at.
My view is that we will end this year around 1.42 or even lower!

But after reach 1.55 we might get another rallie to 1.59 again.
But who knows, Forex is just this "WHO KNOWS"
  • #7,197
  • Apr 24, 2008 11:40am Apr 24, 2008 11:40am
Quoting Clouds
meant the EUR/CHF cross

yes.. that's a real loser...
poor chf...
Attached Image
  • #7,198
  • Apr 24, 2008 11:41am Apr 24, 2008 11:41am
Quoting BoredToLoose
My view is that we will end this year around 1.42 or even lower!

But after reach 1.55 we might get another rallie to 1.59 again.
But who knows, Forex is just this "WHO KNOWS"

soros knows...
lol
  • #7,199
  • Apr 24, 2008 11:47am Apr 24, 2008 11:47am
this is true when you compare EURUSD to USDCHF on a chart but that is due to the fact that USD is the base currency for USDCHF. But the dollar is stronger today against the EUR,GBP,CHF. Also the EUR is stronger today against the CHF.
  • #7,200
  • Apr 24, 2008 11:52am Apr 24, 2008 11:52am
For the most part when EUR is strong against the dollar then CHF will be stronger against the dollar. Not always the case but I would say most of the time. Remember it's always a dollar story in one way or another.
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