I have a short 4k at 1.2364 , exactly where it bounced up. How about that 
Another one. FXViper had a short 25LOT !!! today afternoon and took it out with +6.9 pips, profit $1600
This is not fair.
After good news out of Germany this morning, Euro gain slightly against the dollar, but bears are still strong.
Despite its descent on Friday EUR/USD reached the support level at 1.2350 and bounced back, forming what appears to be a double bottom on the daily filter chart, so a new movement to the upside is possible. On the other hand, the bearish trend is not over, so I doubt this is a long-term reversal. That said, a new drop will be confimed when or if it breaks below the support at 1.2350.
well let’s see the ECB counter measures this week.
I agree with you, the bearish trend is far from over even though the Euro has slightly recovered lost ground from last Friday.
The daily momentum studies indicate positive divergence between them and the price action, which gives additional reason to wait for a fall.
R3 - 1.25539
R2 - 1.24990
R1 - 1.24696
Daily Std. Pivot - 1.24147
S1 - 1.23853
S2 - 1.23304
S3 - 1.23010
Could the EURUSD show a doble bottom formation? Just in case, be attentive to another leg down.
I’ll tell you what the market thinks of Draghi. When the speculations that the council is unhappy with Draghi began EURUSD popped higher. Just shows you what traders think of him. The Euro should in fact trade higher due to EUR recycling by central banks in Asia. Just my opinion.
Just wondering if you can elaborate on this recycling by banks. Personally just gone short (again lol) @1.2440 but always keen to learn a bit more bro.
EURUSD initially fell during the course of yesterday session, but found enough support to bounce back up from the 1.24 handle. However, this is a pair that in a strong downward trend, so we may expect some sideways consolidation and the pair should continue to stay below the 1.26 level in the foreseeable future.
Sell is the best choice from this point in my opinian .
EUR/USD really did form a double bottom at the support at the 1.2350, which proved to be quite strong, and is now headed for 1.2570. Between that double bottom and the strong support I am starting to wonder whether this is not the beginning of a more long-term correction, despite the bearish trend.
I think this week will be more fundamentally more than technically on the EUR/USD, I don’t think any analysis based on technical signal will be good this week as there are a lot of very strong data coming out until thursday
EUR / USD continued its recovery on Monday.
Looking at the daily momentum studies, we still see positive divergence between them and the price action, which stimulates thinking that is coming soon a new fall confirming the downward trend in the long run.
R3 - 1.25900
R2 - 1.25382
R1 - 1.25051
Daily Std. Pivot - 1.24533
S1 - 1.24202
S2 - 1.23684
S3 - 1.23353
True, not only this week.
Maybe correction would continue, now we need to wait few more news today, probably whipsaws.
The EURUSD is getting close to the 1.2500 level. That area could be a good resistance.
Most US data came in better than expected, with 3rd quarter GDP revised up to 3.9% on a 3.3% expectation.
Consumer spending was also better than expected, but consumer confidence came in weaker than expected which markets fear could bode poorly for the important holiday shopping season.
EURUSD has steadily climbed before and after the news, but with the long-term trend bearish and the GDP data better than expected we continue looking to get short on a rally to the underside of the former bearish channel (around 1.25).
Great analysis Honeill I agree with it , thank you.
As I thought yesterday a more long-term correction really seems to have started for EUR/USD. Its current target still appears to be around 1.2580, though the trend remains bearish and it will likely continue its descent once the correction is over.