EURUSD

Wrote the above 5days ago, Sunday.
Hope you got the range and then the end of week selling pips!
Great week!
Sell it more next week

The market won't reverse a trend simply because of a weekly close below a moving average .

here's Larry Levin's newsletter today:

There were two main reports today, the weekly jobs data and the ISM services data. Both offered surprises but the latter was certainly more of a bombshell than the former.



As usual, the lame-stream media ran with what the government overlords wanted us to hear: weekly unemployment claims were down (slightly). Of course, claims were hardly down at all and dare I say that when an additional 462,000 Americans file for unemployment in one week that it's not very good? You'd hardly know it with the screams of glee in each headline.



However, one number that everyone ignored is the explosion in "Emergency Unemployment Compensation." This is the same name for insurance benefits as they roll beyond their standard expiration horizon, and which the Administration is set on extending to cover a period from now to infinity. That number skyrocketed by 265,300 in one week to an all time record of 3,859,553 for the week ending November 14, from 3,594,253 in the prior week. Surprise!



The other report was the ISM service index, which measures at least 70% of the country's GDP. It was supposed to show an increase above last month's reading showing the sector firmly expanding. Uh huh - not so much. When leading analysts were asked if they were surprised by the figures they replied, "If I woke up tomorrow morning with my head sewed to the carpet, I wouldn't be more surprised than I am right now."



Keep in mind that the government, through the Treasury and the Federal Reserve, has pumped TRILLIONS OF YOUR DOLLARS into the economy and the ISM still came up lame. The index was supposed to come in at 52.0, making the third consecutive expansionary reading greater than 50.0, but it was actually just 48.7. A reading below 50.0 means the sector is attenuating!



There was no way to sugar-coat that one folks. Can you say "double dip recession?"

Mr J checkout that level. I am not basing my reading on that one moving average. Draw a trend line Check out longer time frames draw a trend line from the lows of 5/15/2009 to the current low and then put a 50 day EMA there and you will see what I am talking about.

Daily chart

There you go buddy

We are in overbought in 1H and 4H.

What do you think ?

Enjoy the weekends ....

1H Chart (zoomed out)...

May I ask if that is from a website?

care to explain to technically challenged ??? :d

Not much to explain, just wanted to post a chart with some trend lines - supports & resistances. I've added a few more since that post, I will put it up in a minute.

The weekend came, in monday there will be deffinately a respond to this volume happened today after non farm news. I am more to see 1.50 in early monday

A bit more updated...

remember that any past support may become a future resistance (vice versa).

Something to consider for the weekend. A lot of people have seen this drop and are yelling reversal, reversal. I would dare you to look at your weekly chart, observe the over 400 pip drop back on october 25th of this year, and then notice how we still continued upward. Add to that we are currently sitting at a support level that we could not break for the prior 3 weeks in a row. I would be careful about calling this a reversal. Have a good weekend!

Overheard on recent overseas trip:

HU Jintao: Hello Mr. Obana how are you?

Obama: Very well Mr. President.

HU Jintao: I am very concerned about your labor market and the declining dollar, which is bringing down our Treasuries portfolio.

Obama: Rest assured that our labor situation will drastically improve this month.

HU Jintao: I hope so, for the sake of your financial system. We are not incline to continue boying Tresuries if their value continues to depreciate. Don't come back here again if you cannot deliver, you understand?

Obama: Loud and clear Mr. President.

agree but this time looking at weekly chart for macd, we are crossing to bearish for eur and also rsi has hit 70 usually a top. We might see a stock market pullback apparently p/e ratio for s&p is high.

take this movement as news push and tp from all week pishin' , its very often that friday is all against weekly movement ,cuz ppl closes their orders. it was nice and easy pips today ,actually i never trade in friday but this time did anyway got +60 pips from the trade and opened sell at E/j at 134.20 , more to see 132.00 or .50 next week

Does anybody know when the NFP announcement is?


Just kidding....I totally want to do it again though....