Another one coming your way, homes!
The weak euro zone manufacturing and services PMIs took the pair lower. Hope ya’ll were able to take advantage!
EUR/USD closed higher yesterday. My brotha from anotha motha, Pip Diddy, has the complete lowdown on what moved the markets. So if y’all wanna know more, check out his report!
Draghi did quite a number on the euro yesterday. Draghi commented that the ECB is ready to do whatever is necessary to keep the euro. Were you able to jump in the breakout of the Asian box?
I was,ent sure of the value of these charts at first but now realise they are very worthwhile ,thanks BigPippin your a star:8:
Glad to be of service yo!
Not much happened yesterday, as price just trickled down slowly. There was a quick scalp long trade on the previous day low though!
I like to know this answer too.
Yes, I include the Asian open on Sunday. I use the Asian open price for the open and the U.S. trading session close for the close.
thanks BigP
Look at that perfect bounce off the previous day high. It had a mini divergence to boot! Did ya’ll catch that?
Thank you, mr. BigP… Good analize
My pip harvest is better than the american corn crop!
Anyone know what caused the big spike?.Thanks again BigP.
First up, the king of forex, the EURUSD. All other major currency pairs move in relation to EURUSD. Even if you are trading other pairs, you have to watch this. It is like watching Barcelona vs Real Madrid, all other games for that weekend is relegated to second place.
Watch 1.2400-40 closely. This pivot zone has been in play for a long time already. I think both the bull and bear operators are gunning for this zone. Either the bears will enforce this zone and bring EURUSD down again. Or the bulls will prevail and cause EURUSD to break above this zone.
Scenario 1
If bears win, 1.2400-40 as resistance zone will hold. Thereby forming a third point on the falling channel.
SHORT 1.2400-40
Stop loss above 1.2440
Final target profit 1.2100
Scenario 2
If bulls win and 1.2400-40 resistance zone is broken to the upside and holds, expect a possible retest of 1.2400 to confirm that the breakout is real. Remember the pivotal nature of support and resistance. Often when resistance zone is broken, it reverses its role to become support zone. If resistance is broken and become support,
LONG 1.2400-10
Stop loss below 1.2380
Final target profit 1.2700
Excellent analysis Forex Mind Games. Thanks for the contribution.
Here’s the chart for August 3, 2012 with the corresponding analysis. It looks like the non-farm payrolls was the big mover as price immediately rallied right after the release. It would’ve been very hard and dangerous to jump in as there was no clear entry. Did anyone catch that?
