(INCOMING ENTRY) EUR/USD Technical Analysis from a Newbie (need to be confirmed)
I think if EUR/USD reach or go above 1.257 and then bounces back, then it will become a resistance level (as it broke the support,may test it, and pullback could confirm it), please check out my attached picture and tell me what do you think. (I trade for 2 weeks lol)
Thanks for your reply. It seems events that could influence EUR are done. So I think if it bounces back from 1.256 then that will be a good entry for a short position. (who read this, please note i'm newbie, trading for 2 weeks so do NOT trade on my advice!)
It seems that everyone is saying to long the euro, at least short to mid term. John Taylor (huge name in forex,
and CEO of FX Concepts) was on Bloomberg last week saying his long term outlook on the euro is still bearish
but short term the euro governments will start to do everything they can to save the euro. Check out the
recent story of the big four euro leaders getting together. I'm short the euro right now and am probably going to get out of my position, but I always like to take a look at conflicting evidence of my trade decision and
see if it is strong enough to change my stance.
Along with that possible support and resistance level you pointed out, I would pay attention to the
big decline on Thursday along with the channel that broke. If these two bearish
signals change (retract Thursday loss and continue upward) I'd be looking to possibly get in on a
EUR long, but in my opinion EUR longs are always going to be risky, it seems like bearish Euro news
is always hidden around the corner.
Hi All, Am a newbie, kind of too. Enjoyed watching the ECB 7 yesterday and finding out early this am that Draghma still has some room to play with the <.25 rates on the banks for the Euro. That disclosure yesterday, and the comraderie shown between Barrack and David (cozy pair), with today's allied leaders going to Normandy, which President Putin was planning to attend as well, came across very well. The Obama round table discussion, easy speak, forum style, include anyone discussion, seemed to make everyone feel included. Did wonders for the EUR/DOL and some of the other pairs until they came too slow between changes to play. You may be right about long term plays, but, I would consider them on everyone at this point for currency trades. Get while the gettin's good, is what I am hearing from this end and it has been for over the past 10 years or so, and things could change as early as one bump this summer, another in the fall and another next spring or into 2015. Get your assets protected and follow the information on Bitcoins to find out what type of Digital Money and what bitcoins will be worth. FYI, as I don't know either. But protect your assets, where you have them to make sure they are liquid. All of the Big Boys with the assets have ways have knowledge you wouldn't believe, outside of any automated picking systems. Very interesting week in the news as well as online. Have a great weekend and trading week.
I'm preatty sure the first important support level would be 1.3475. After the price test that we should expect a retracement up to 1.3524. The RSI is next to the "oversold area" and volumes exchanged are decreasing...