EURUSD

Fibonacci of last wave on Daily chart shows the next stop at 1.3516 and 75 percent going from line .236 to .382 is 1.3445... so I am long from 1.3182 and limit to stated above... Good luck guys, I am out for two weeks hopefully when i get back i'll see my 263 pip gain!

how about eurjpy?

m5 rolling over... with m15 close looking short.

This is a tricky pair, you have to watch how the EUR and the JPY are tracking. Are they parallel or inverse. If parallel, then EUR/JPY is in synch. If not, then stay away if you don't know how all the other pairs are working to determine direction. Again, watch the EURO session...we'll see.

why did you short it ?

m5 comes in play for me again.. 7/50 cross down... with no new high on h1... took 31 down to the m15 50 ema.... now I'll look for longs.

topish action showing on e/u and g/u... now I see a rising channel on m15

those lower timeframes change alot hehe

Do yu have any good data to back that up. I would love to hear it, Please.

Jim

Yes they do.. but all the same rules I use apply to the higher timeframes too

Do a quick backtest of the h1 7/50 cross with taking pullbacks to the 7ema as entry with price action.... think you'd like it

There is a nice 120 Pip up channel, ( Orange Lines ), I have been trading.

Jim

That is the same channel i'm seeing.... pretty bearish h1 pattern imho 1 bar to engulf, and make a lower close and close below the 7 ema. should see some downside coming soon.

I won't be taking any new longs... just my view.

Nice chart hard1head1. Yes, I too agree. Have reentered Long @ 1.3208. A little drawdown but looking for a gain.

Originally Posted by hard1head1 http://www.forexfactory.com/images/buttons/viewpost.gif
There is a nice 120 Pip up channel, ( Orange Lines ), I have been trading.

Jim
Nice chart hard1head1. Yes, I too agree. Have reentered Long @ 1.3208. A little drawdown but looking for a gain.

In response to post 59213 & 59220:
I also want to say, it depends what pair is the driver, the EUR, JPY or USD.

currently 1.3244 a strong resistant (fib levels) of top 1.6038 and december rally to 1.47 area. if i breaks it convincing the next point of call will be 1.3333.

news in order newest through oldest


[FOCUS COMMENT] - Short covering of mainly Euro, or Gbp crosses continued in Asia but so too the run of distressing news that saw around 50k jobs shed in the US on Monday alone.

[CABLE] opened above 1.40 in Europe and has been a winner in opening exchanges so far this session to a recently hit 1.4125 high. Heightened risk appetite the conveniently labelled theme in the broader market and Gbp is a fair beneficiary of the lack of appetite for Usd. A sharp five cent or so short squeeze has been taking place in the headline despite no real sea change here. Sure, govts are talking even more stimulus packages, but UK news remains extremely negative in nature and there is little light at the end of the tunnel just yet. Credence to this view should come by way of Jan's CBI dist trades survey later, expected at a soggy -53. We would still be looking for fresh sell opportunities, but caution needed. Next bull targets 1.4150/55 and the fibo at 1.4240/45 could provide just that.

[US] Stock futures probing session highs ahead of the London open, with S&P futures up 1.35% to 842.00 and Dow futures an equally impressive 1.28% higher to 8140. A surge in Japan's Nikkei 225 on the back of the Governments "corporate bailout" plan has helped, with the Japanese stock market closing up 4.90% above the 8,000 level. Australian shares rose 3%. 06:21 GMT - The [NIKKEI-225] ends the day above the 8000 mark at 8061.07 with the session high being registered at 8115.15 vs the [DJIA]'s high and close at 8231.68 and 8116.03 overnight, so pension/Toushin accounts' efforts are partly rewarded (above 8000, but still below the DJIA's level). Those accounts' month-end buying appear to have started. However more than 200 listed companies are seen to come up with red figures for the Mar 2009 period, with production in many areas plunging to the level 30-40 years ago, the index brought higher by the window dressing buying would carry only wrong message. Therefore downside risk would be larger. 06:01 GMT - [ASIAN CLOSE] The day begins with Eur/Dlr and Stg/Dlr buying through the 1.3200 and the 1.4000 stop levels, and the Yen crosses are naturally brought higher.


EUROPEAN FX OPEN] We do not blame EU's Juncker for commenting on recent FX volatility. The Eurogroup chairman said he is not very happy with FX volatility and will discuss the topic at the upcoming G7. A major turn around already this week here. From sub-1.30 at Mon's open, the Euro looks much firmer currently though there is the potential weight of IFO to come.

[DEC GERMAN IMPORT PRICES] are lower than forecast. The m/m print was -4.0% (against a consensus expectation of -2.9%) taking the y/y to -5.1%, a large drop from the previous reading of -1.3% y/y in Nov. The German statistics office says the y/y drop is the largest since Nov 2001, driven lower by oil prices. Ex-oil and minerals, import prices were down 1.7% m/m and up 1.4% y/y.

[AUD/USD] attempted another break upwards amidst improving risk appetite, triggering stops back above 0.6620 to match last Weds' weekly high of 0.6659. A firm amount of spec buying against the NZD was evident, with the [AUD/NZD] surging to a 5.5mth high of 1.2571 above the 1.2500 barrier; whilst the [AUD/JPY] rose to 59.68 from 57.72 yest. Broad based equity/commodity gains and an improvement in business conditions over Dec aided the push. Whilst still looking heavy on fund selling interest at the 0.6650 mark; continued positive sentiment could provide impetus to move further above its moving averages at 0.6696 (50 day) and 0.6858 (90 day) respectively. An upwards test appears imminent.

this is the freshest news i got for now..

[EU STOCK MARKETS] expected to open in the blue today after yesterday's job losses announced in the US were more than counter-balanced by the confirmation of Geithner as US Treasury and plans by Japanese government to aid firms hurt by recent financial crisis. DJII closed marginally higher by 0.5%, the Nasdaq up by 0.8%, but Nikkei jumped by the best part of 5% - Honda jumping 9% - and DJII futures are currently 94 in the blue. Geithner seen as acting quickly on financial problems - 'We are at the moment of maximum challenge for our economy and our country' - expect details to emerge soon from Obama's administration. In Europe, Siemens expected to jump at open on sale of nuclear venture stake and in UK commodity stocks to get early boost from stronger gold/oil, while banks carefully watched after Barclay's 70%+ rise yesterday.

More short covering Yen/crosses has lifted [USD/YEN] towards the 90.00 handle which has worked like a magnet ever since players became aware of the mega option expiry last week. Residual option interests continue to impact, and another hang over from that period is a number of stops above 90.30. These triggers are supplemented by system fund and s/term spec interest as well, and so look increasingly vulnerable. Techs place the emphasis on the high of the said expiry day (Jan 21) at 90.17. Systems also heed the 20 day m.a at 90.47. Some commercial or spec selling is assured in the first instance given a week of 87-90 trade, but the risks for a spike remain high.