EurAnalysis

This ranging market is really killing everyone. I've never seen this thread so dead

it certainly is boring, thats for sure.

Somebody told me years ago that trading forex is exiting and hectic business... Sure!

1.2730 looks like an important resistance level, breaking out of which may probably lead the market to 1.2770-1.2780 (near the upper trend line), with 1.2790 being a buy signal that, taking into account that we seem to be in a downtrend, should be ignored except to close short positions (these positions can be closed at 1.2740 as well, which is also a buy signal, but I'm willing to give it a go this time and wait a little bit).



Any thoughts would be appreciated.

Thanks.

I am still bearish mood. More with Gino and Piptrapper view to market.

BUT I want to know: how to get this "point and figure" graph on MT4 - is there some instructions outthere?

Thank you Buda.

I hope you can find the answer to your question here.

Good morning fellow traders... It's a bit of a late start for me today as I took this slow market opportunity to take care of a few personal errands.

Not much has surfaced in the last couple of sessions. The Euro Group and EcoFin meetings didn't yield any hopium, nor did any disastrous news come out in the open. So, since the bears do not have any immediate reasons to sell the Euro heavily at current levels, it's time for some profit taking (short covering). Therefore, I will now be looking to get back in with sell orders once we get an upside correction. The only question is at what price and the answer is in the technical levels. As I have mentioned a few times since 1.2802 support was breached, my plan to sell all rallies.

Yesterday my measured target of 1.2658 from last weeks head and shoulder formation was reached (within 1.1 pips) and a quick bounce off the support level immediately ensued (With the help of some rumors that Greece will be getting €44.1 Billion... which was later denied). Since then, the pair has painted an inverted head and shoulders formation on the hourly chart with the head at the 1.26591 low and the neckline break at 1.27234 projecting a measured upside target of 1.27877. As such, I will be looking for sell signals once price reaches this area.

The USDX has still not reached it's measured target of 81.95 from the inverted head and shoulders formation I previously identified, so this lends credibility and confirmation to a further down move in the E/U pair over the coming sessions making my choice for a further short position a high probability trade.

Let's see how it plays out. In the mean time, any intraday news releases and other economic data will just be noise in the bigger picture as I still fully expect this pair to eventually retest the July 2012 lows at 1.2041. This view is very well supported by macroeconomic and political factors as outlined in many of my previous posts.

As always, be well and trade safe.

Pete Jackson's Order Board:

EUR/USD: Bids 1.2690/00, sell stops through 1.2680 ahead of bids 1.2650/60 (daily cloud base 1.2653) and tech support at 100 day MA of 1.2643. Likely sell stops below ahead of more bids 1.2600/10 (1.2605- 50% of 24/7-17/9 rally). Offers 1.2730/40 (supranationals, SNB related), buy stops above through 1.2750

Today's Euro FX Option Expiries at 15:00 GMT:

EUR/USD: 1.2700, 1.2725, 1.2750, 1.2810, 1.2900.

E/U H1:


USDX Daily:


E/U Weekly:

Pending short executed @ 1.2740. Price resisted @ 1.2750 level. Target Primary TP @ 1.2690.

Looks like she has decided to head south after all..back in for a quick 66...

For lumesh...

Long time ..... have not seen PT's Hammer.

coming soon

is there something which spooked the market? 12:15pm???

thanks

so, how south are we going ?

There is a possibility that the price may even go up to 1.2840, as a new vertical upside count shows (this count should be cancelled if the price falls through 1.266 - the anchor of the count). Of this I'm less sure than of the price reaching 1.263, as I still think the bigger picture looks pretty bearish at the moment.

1.2730 has proved to be an important level (near the lower trend line), and the price tends to 'hang around' it at the moment.



Any thoughts would be appreciated.

Thanks.

anybody giving any importance to this ?

Im looking for the level originally targeted on the daily namely 5772... but taking the daily range into account I will probably look @ 5790… in addition as it is now a shorter term trade my BE will be @ 5830...on the other hand if it goes tits up namely back to 5900...I’ll be eating cold crow for dinner…

fair enough

Hope this helds. Otherwise another face ripping rally we are witnessing.

the moves this AM look pretty bullish. i got chopped up early this morning trying to pick a top so I am waiting this next one out.