Immediate thoughts on EUR/USD

[badbeets]

I sold the Euro about an hour ago and was targeting the 155.22 area because this looked like a logical place to bounce. But looking at it further, I cant help but think the euro dives off a cliff any minute now with 154 area the possible target, because the technicals looks exactly the same as they did on 7/29 at about 8:00. Im on a 60 min chart with ema at 5/13/62. Any immediate thoughts on this one? Im pretty new to forex and have a habit of getting myself in trouble with ideas like this.

[badbeets]

Forgot to mention Im looking at the 10/20/4 MACD. It looks like the exact same set up from 7/29??

[trader123]

You need to watch out for oil price. Oil price has a lot of influence on EURUSD these days.

[badbeets]

I agree, oil has a lot to do with everything. I just dont understand....is oil moving the dollar or is the dollar moving oil? Everything seems really out of wack
everywhere. Hopefully we see a top in USD soon and go back to normal. LoL

[abner]

your on here asking wheather or not you should make a trade??????


you do realize your going to get thoughts on both ends



what do you want to hear?

my advice

yup trade it

[badbeets]

I sold the Euro a couple hours ago. I just wanted thoughts on the set up. I was hoping to take a profit at 5530, but there price is in a down channel, of which it touched the top line today. Bottom line in the 1.53-54 area. Stochastics oversold already so I should be taking profit but the set up looks the same as 7/29 when it started to dive from the top of channel at a very oversold stoch area.

[badbeets]

Covered and bought long at 1.5476 at the .786 fib level with stop at 1.5462.

[kia4ever]

when do u guys think the euro's finally gonna make a comeback, im in a very sizeable position, plus my average price is 1.565 so u can probably understand how im feeling, what do u guys think?

[pablopluto]

I dont see the dollar stopping until 1.45 I understand I lot of people wanted to see the dollar go down. When I said before fundamental trading was gambling to me this what I meant. So in theory if someone went long on the Eur/Usd in Feb held it. They would be on the hole right now. The dollar is getting stronger fast. The Euro can t keep up. On Oanda forum. I guy told some fresh trader when in doubt go long on Eur/Usd its always gonna go up.

I think a rebound for the Euro wont happen this month. That is just my opinion so dont listen to me I blew 3 accounts fundamental trading.

[Cdawg]

So in theory if someone went long on the Eur/Usd in Feb held it. They would be on the hole right now.

That would depend when you went long in feb., as it ranged from 1.4244 up to 1.5240, and not to mention the roll-over you would have made between now and then.

I do believe we may be heading further south yet, i wouldnt be surprised to see 1.4400 before a significant recovery.