EURUSD

fading the trend...looks ok.

wife just tried to get gas and the gas stations are running out, limiting people to four gallons because of fuel shortage. I live in SC. Euro could go higher if this keeps up.

As the Dollar Plummets, Oil Prices Surge
(AP / NEW YORK) — Oil prices spiked more than $25 a barrel Monday — the biggest one-day price jump ever — as anxiety over the government's $700 billion bailout plan battered the dollar and touched off frenzied buying of safe-haven investments including crude.
Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back somewhat to trade at $122.60,up $18.05. The contract was set to expire at the end of the day, adding to the volatility; the October price began accelerating sharply in the last hour of regular trading.
The November contract, scheduled to become the front-month contract at the end of Monday's session, was trading at $108.80, up $6.05.
Crude has gained about $40 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100. At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.
"We're off to the races again in crude," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "There's a renewed scramble for commodities because of a general weakness in the dollar."
The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.
The huge rally was poised to shatter crude's previous one-day price jump of $10.75, set June 6.
Oil's sharp gains came as energy traders grappled with the implications of the government's proposed $700 billion initiative to stem the U.S. financial crisis by absorbing billions of dollars of banks' bad mortgage-related securities. Anxiety over the plan also sent stocks sharply lower Monday; the credit markets were calmer than they were last week, but still showing the effects of investors' nervousness.
"They're going to have to continue auctioning off a whole lot of Treasurys to finance these projects, so the dollar is going to suffer," said Matt Zeman, head trader at LaSalle Futures in Chicago. "Right now it's fear and anxiety driving people who want tangible assets.
The 115-nation euro rose to $1.4781 in afternoon trading, up from the $1.4470 on Friday. A weak greenback was a catalyst for the commodities boom of the past year, and analysts said large investment funds were expected to pour money back into the sector.
"That trade was very successful in past so if the dollar keeps weakening, a lot people are going to want to own hard assets like crude," said Andrew Lebow, senior vice president and broker at MF Global in New York.
But there is still much uncertainty about what impact the U.S. rescue plan will have on energy demand. Oil's run-up near $150 a barrel in July and a weak U.S. economy has forced Americans to cut back on their driving and led business to scale down operations. Though pump prices have eased from record levels above $4 a gallon, they remain expensive, and more softening in the economy would likely further curtail energy use in the world's thirstiest consumer.
"There are a lot of issues to be filled in. It's an extraordinarily complex situation," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "The market is digesting how the (rescue) package will work and the implications for the U.S. economy."
U.S. congressional leaders endorsed the plan's main thrust, saying passage might occur in a matter of days. But they also want independent oversight, protections for homeowners and constraints on excessive executive compensation, House Speaker Nancy Pelosi said Sunday.
Treasury Secretary Henry Paulson pushed lawmakers, who received the package on Saturday, to approve the proposal as soon as possible.
The Federal Reserve also announced late Sunday it granted a request by investment banks Goldman Sachs and Morgan Stanley to change their status to bank holding companies, a move that will allow the two institutions to open commercial banking subsidiaries, greatly bolstering their resources.

Looking for small retracemant

Next Target after retracemant:

EUR/USD... 1.4957
GBP/USD... 1.8683
USD/CHF... 1.0601

Algirdas,

Where should I place my entry at for the EU? Or How far will the retractment be?

sleep posting...snore snore...

I hope we reachthat figures before midnigth, I put my bet on it....
Marcus
http://tradingforextips-marcuse.blogspot.com/

Ahhh, the universe is regaining it's equilibrium. All is, if not well, at least mo betta.

I don't have to look at Quasimodo on my weekly now forever...

Hello all senior members would you pls comment onthe retacement of EURUSD
what level should it go down to enter fresh short. I am newbie and need help!!!!!!!!!!!!!!!!

self portrait?

retracement over

P.S. not senior member

Arvin dont think for one second because it says senior member they know what they are talking about. Remember how you get that status is posting alot.

One could reason that perhaps they post so much cause some, not all dont have a clue what they are doing. Just think about it

I meant it as respect

Oh you're too kind. I had this "senior member" title just slapped upon my name one fine morning. I have no damn clue what I'm talking about, I'm a newbie too!

But Arvin, for what it's worth, DON't jump into a long position until you see if price breaks 48.11 and some critical resistance.

Algirdas, on my charts I see the 4H RSI is pointing down, so are the other indiccagtors. Can you give me some idea of how you arrived at a TP of 49+?

all i see is USD weakness is nearly over
unless..

edit
this is usd index weekly chart

Some fib numbers of the past spike up (from 41.59) to 48.60

23% retracement: 1.47
38%: 1.46
50%: 1.45

Expecting 23% at least. Thoughts?

Going for 1.4650 (50% of the whole move from today's low) or 1.4666 (61.8% of the last leg up).

yes.. interesting... there are many fibs at 1.4650...

Now this is an interesting TL...

Note: This is not a "manipulated" TL. The Line tool on Accucharts plots the specified first and second point, in this case the High and Open values shown in chart. Then when you click the end of it, It automatically shoots it out to screens edge. That is where it wound up. The crosshair shows the value at intersection, and it's just that simple.