Eur/usd

[angelnish]

Hello everyone... So Tuesday was somewhat of a positive day for EUR/USD as we saw the market shift back to "risk on." Surprisingly we did not see all that much of movement considering there were slight hints of Fed easing. This did send the commodity markets, commodity currencies, and most risk assets climb throughout the day. As we saw the Spanish bank bailout did not have the impact expected and the concerns continue to rise in the Euro Zone. So whats next for the pairing?? Where is it headed??

[yes]

The EURUSD has enterted into an asymmetrical triangle. This should, technically give a direction for future price depending on what side of the triangle price breaks out from.

[angelnish]

Please correct me if I am wrong. The trend of GBP/USD and the EUR/USD has had a down trend since 2008/2009 with consistently lower highs and lows. It is hard to see that the EU politicians do have the will to take major decisions in the short view that will change the trend. The trend seems to act better in the short term in the US.

[yes]

My take profit at 1.27 was hit. I am going to go short at 1.27, with a take profit at the bottom of the triangle, the support should be around 1.26 or so, depending on when price gets down there.

See my chart, this is what I'm looking at.

[Madree69]

You hit this one right on the head. It's frustrating that my charts on Oanda don't match up as well with yours. The candles are slightly different. I can't say I would have seen a consolidating pennant like you did, but goes to show that one can't buck the trend and needs to look further back to see the strength of the overall trend. It clearly followed thru with a break negative past the lower trend line so you did a very nice job. What other parameters would you use to enter your trade? The MACD, RSI and Stochs didn't appear to be very helpful compared to your basic pennant observation. My eyes saw a rising channel and this interpretation would have cost me. Where is my interpretation so off? I guess when it failed to hit the upper trend line I drew the channel was no longer valid.

[dave3512010]

On the M1 sell in at 1.22710. Just saying lets see

[dave3512010]

On the M1 sell in at 1.22710. Just saying lets see

Haa went long. Should had that buy order in too.

[Ali Huzaifa]

I think now we are back in up move, todays close is critical.

[Forex Chart]

EUR/USD could back down into the support area

Though the EURUSD has found support at about 1.2150-1.2200 area; there has also consecutive bullish pin bar's that has strong rejection from that support and last 17th July 2012 price closed above 1.2287 resistance. And all of these clear indicted that it move price higher at about 1.2400 key resistance.
But last 3days we can see that it failed to crossing the 1.2287 resistance. now its formed Inside Bar setup where today it attempt to break the resistance that formed a fakey setup.
Now we expect price could back down into the support area. Note that, there we can see a similar setup that formed 26-28 June, 2012.

[Forex Chart]

Though the EURUSD has found support at about 1.2150-1.2200 area; there has also consecutive bullish pin bar's that has strong rejection from that support and last 17th July 2012 price closed above 1.2287 resistance. And all of these clear indicted that it move price higher at about 1.2400 key resistance.
But last 3days we can see that it failed to crossing the 1.2287 resistance. now its formed Inside Bar setup where today it attempt to break the resistance that formed a fakey setup.
Now we expect price could back down into the support area. Note that, there we can see a similar setup that formed 26-28 June, 2012.

The EURUSD just have reach at support area. The Inside Bar setup work nicely that i mention early today. If price close bellow

support area about 1.2150-1.2200 then newt week we could see more downward. If that happen then we can'nt see any good support before 1.1900 area.