EURUSD

This weekend notice is the fuel to make a little retrace up.
Than lets continue down the hill (or hell)

Frankly, I really don't care if it's up or down. just so long as i get a piece of the ride.

X

Hi again

A few people seemed to disagree with my last chart. Let's try another!

Again we get to the same level 1.300/50

neat thing is in this business, I only worry if most people agree with me. when i see something and everyone thinks i'm nuts... that's when i really get excited about it.

X

rising Tl =no

EUR/USD Market Recap 08.06.12


http://4.bp.blogspot.com/-Zfiv_UFCKG...ly-eurusd8.JPG Daily

Yesterday, EUR/USD found resistance at January's low 2012 (orange line) and the 61.80 % fib retracement of the recent swing (EUR/USD Market Recap 07.06.12). Yesterday's daily candle could not close above the 20 SMA and closed in the price range of the prior daily candle (false breakout). Furthermore, market formed a Doji bar or evening star pattern, which led to a sharp drop in price in today's Asian and European session.


http://1.bp.blogspot.com/-4w1G7S9P2y...-EurUsd122.JPG 1 hour
On the hourly chart we see that the sharp price drop started at 1 a.m. GMT ,right after yesterday's daily doji bar closed. EUR/USD got initially pushed down by the 10 SMA and 20 SMA. The price drop at 1 a.m. triggered the bear flag (blue circle) and market moved to the 100 % fib extension (A-B at C ) and formed the second bear flag (D) at the green trend line and the 100 % fib extension (also 61.80 % fib retracement). In the following, market broke put of the bear flag and resumed it's down trend to the weekly pivot point. (Market respected the resistance in form of a bear, which means that market could not sufficiently bounce back from support-bearish signal). Recently, market respected (touched) the hourly 10 SMA (green circle) at 3 p.m. and broke through it with the next hourly candle. The 4-hour candle closing at 4 p.m. also looks like a doji (support at the weekly pivot).

http://4.bp.blogspot.com/-BrHY2jaSbw...n-eurusd25.JPG 5 min
On the 5 min chart we see the different bear flags (circled). After EUR/USD broke out of the first bear flag (blue circle) market went to the 161,80 % fib extension (1-2 at 3) where market formed the second bear flag (red circle). EUR/USD broke out of the bear flag and went to the 100 % fib extension (5-6 at 7). Market found support at the weekly pivot (slightly penetrated but no confirmation, stop fishing below the low of June 6th-blue line) where it formed a kind of ending diagonal ((8-impulsive,9-correction,abcde-ending diagonal). The correction high (9-green line) is the initial target after the ending diagonal terminated, which market reached quickly (directional move). Recently, EUR/USD found resistance at the daily S2 (1.2492-not shown), the prior consolidation (red circle) and particularily the 61.80 % fib retracement (5-e-not shown) at 1.2493.


Have a nice weekend

http://forex-chartanalysis.blogspot.de/

And why not 1.018? Seems much more realistic.

EU rising until usd index stop falling when it hits support at 1.6782.



http://wahai.com/strng-rejection.png

EU short term target.

http://wahai.com/tp1.2538.png

If 1.2130 doesn't get breached, then the 1.3100 area is likely.

I dont understand why everybody are so optimist in the middle of the euro crisis.

closest support on W1 ? (usdlfx)

"Buy when there's blood in the streets and sell to the sound of trumpets" Baron von Rothschild

right

@Bones : on weekly chart, it found the support already, on 50 ret (smaller swing), I don't think it would hold.

Do you think it can go further down and respect more the support on fib 50 ret of larger swing

see it here

http://wahai.com/50or50.png

another 10 pips up:

http://www.oanda.com/currency/live-exchange-rates/

This notice related with Spain don't change anything.
Piigs are in hell and EU do realy nothing to solve situation.

Wow...you should be underwater...
Eurusd will go to 1.27 friend...

I am as well but not enough to convince me that we will go to 2700, it'll be hard - smart money know that Spain cannot be saved by printing money and this is just next can down the road. I am neutral/bearish atm - waiting for London open

My friend,
Don't forget that gap will be filled to downside.