EURUSD

now some of MA's supporting it

Euro Still Not Ready to Relent; Door Open for Fresh Upside on Friday



Although the Euro has only been putting in marginally higher highs on a daily basis of late, the currency still remains bid and could continue to extend gains well beyond 1.3800 on Friday. Thursday’s price action was somewhat misleading, especially in European trade, with the Euro dropping quite sharply (Japan downgrade news) in the middle of the day to break below Wednesday’s low, ending a sequence of 7 consecutive daily higher lows and potentially setting up a bearish outside day formation, before racing back above 1.3700 into North American trade and closing higher on the day to completely negate the bearish set-up.
We have since seen some fairly boring consolidation, and it now becomes a game of wait-and-see. All of the major currencies are locked in some consolidation, with even the Yen adhering to this directionless trade despite its big moves on Thursday. A closer look at the USD/JPY chart shows the market still very much locked in some tight inter-day consolidation with a move back above 83.70 or below 81.85 required for clearer short-term directional bias.
Most of the developments over the past few hours have been all speech related, with a number of officials from across the globe speaking out on a range of topics. RBNZ Governor Bollard warned New Zealanders of risks to the economy on any potential future global shocks or financial crisis, and on the whole remained relatively downbeat with his outlook for the local economy. There were some glimmers of light in his words (also positive risks to economy going forward) however, the general tone was more reserved. UK Chancellor Osborne was in Davos with some downbeat comments on his local economy saying that the UK faced “particularly acute” challenges compared to other European economies. Meanwhile PM Cameron, also in Davos, delivered a similarly downbeat message, citing an “unsustainable” budget deficit.
On the topic of the Euro, French PM Sarkozy was quoted as saying that both he and German Chancellor Merkel would never let the Euro fail. Meanwhile Japanese FinMin Noda said that the government would keep making efforts towards fiscal reforms to win market confidence. Elsewhere, PBOC governor Zhou said that the Yuan would be adjusted based on a basket of currencies. Finally, the ECB’s Bini-Smaghi was on the wires with some rather hawkish comments after saying that the rise in imported inflation could no longer be ignored.
On the data front, a batch of Japanese data was mixed, while UK GfK consumer confidence continued to show signs of deterioration. Looking ahead, the economic calendar is exceptionally light in Europe, with only some Eurozone M3 data at 9:00GMT and the Swiss KOF leading indicator (2.05 expected) at 10:30GMT. All eyes then turn to North American trade where US GDP (1.7% expected) takes front and center stage at 13:30GMT. University of Michigan confidence (73.1 expected) rounds things out for the week at 14:55GMT. US equity futures are tracking marginally lower while commodities consolidate.

21 sma providing resistance . 50 sma providing support . lets see which way it breaksout ...but first we have to have the usual franky faky

scalping short

short activated at 3725..sl 16 pips.. target 3690..first

ACID us news has been good, other than jobs, I can only imagine big money will be using gdp "if good" as a bearish catalyst.

Can you share with me how you can determine to shot at 3725...looks pretty nice.

Thanks.

out

re 61.8

whats your % account risk on these scalps?

Alpari Trading Central

Pivot: 1.3635.
Our Preference: LONG positions @ 1.3645 with 1.3755 & 1.3805 in sight.

Alternative scenario: The downside breakout of 1.3635 will open the way to 1.3575 & 1.3525.

Comment: the pair stands above its new support and remains on the upside as the RSI is turning up.

Trend: ST Ltd Upside; MT Range

Key levels Comment

1.3865** Fib projection
1.3805** Fib projection
1.3755** Fib projection
1.3714 Last
1.3635** Intraday pivot point
1.3575** Intraday support
1.3525** Intraday support

Morning people,

EURUSD long 1.3707
SL 1.3677
TP 1.3737
0,20%

Should I answer or not? you only know what I should post.

will see if this 15m close 3697 hold.. if hold then i will exit.. if didnt then i will keep it till target..

AND WHAT IS ALPARI TO THE BANKS, a penny in the bucket, I would love to see their analysts experience, they were euro positive at 1.42, which turned out to be pretty wrong for the end of '10

Ill go with a long again 3705.

3750-3770 should be target price.

out 3709.. neutral now

Tarantulla you were targeting 1.38-1.39 what happened there?

shah,

i notice your orders were always against the current.. are u scalping between the fibs.

flow with it, then u might reduce your DD and w:l ratio

just my 2USD..

FXCM & ALPARi both have open trade & Opinion regarding long dude.