I have attached my EURUSD LONG TRADE WAITING FOR A PIN TO BE FORMED ON THE 4HR CHART
any thoughts ?
Nothing much happened during the Asian session, but when the U.S. Consumer Price Index came out better than expected, EUR/USD rallied strongly. It found resistance at 1.3100 quickly though, and price dropped back down to the 1.3050 level. The short at 1.3100 was probably the best trade of the day.
Going long after if the next candle opens above the RS/SS zone at the 1.2960 region.
Although a pullback is still possible, I am keeping a close eye
on it.
Grix
The euro managed to pare some of its losses yesterday. No reports were released so it might have been because of profit-taking.
EUR/USD was mostly in consolidation mode the entire day as it just moved within a tight 50-pip range during the Asian and European trading sessions. When the U.S. afternoon session began, however, the pair broke out of its ranged due to Cyprus worries and headed to 1.2850 before finding support.
Oops! Missed this for a day, I thought I already uploaded it! In any case, EUR/USD pretty much ranged for the first half of the day around the DO. However, during the EU session, the pair broke out to the downside due to the worse-than-expected PMIs. From then on, the pair consolidated after it had found support just below the 1.2900 level.
'Sup homes! It looks like the euro rallied on optimism over Cyprus. Did any of y’all catch the move??
Despite the absence of economic data, it was a pretty crazy Monday. Risk aversion proved to be the dominating market theme even though Cyprus got the bailout that it needed. Apparently, market participants were concerned that Cyprus’ bank reform would set a precedent to other euro zone economies who are also experiencing solvency problems.
Without any market moving data released from the U.S. and the euro zone, EUR/USD traded within a really tight range in yesterday’s trading.
After a short break, I’m back with some price action reviews. I’ll begin with April 1’s chart, as it marks the beginning of a new quarter.
As you can see, price moved in two distinct waves. The first one was a move lower, as price tested the 1.2775 area. This did not last long though and price rallied above 1.2800. The ISM Manufacturing PMI also resulted in a weaker dollar. Only one possible trade it seems… Could’ve bought at the 1.2800 or week open!
EUR/USD traded lower yesterday. Shorting at the retest of 1.2850 would have been a good idea. Did any of y’all take it?
EUR/USD moved slightly higher during the day, thanks to the better-than-expected CPI Flash Estimate from the euro zone and the worse-than-expected ADP employment change and the ISM Non-Manufacturing PMI. If you’re a divergence trader, there were two possible trades. One was during the Asian session and the other was during the morning U.S. session.
Talk about volatility! EUR/USD saw a lot of action in yesterday’s trading following the ECB rate decision. The pair rallied strongly after ECB President Draghi remarked that an exit from the euro zone by any member nation is not an option.
EUR/USD started the day on a slow note, as traders simply sat on the sidelines ahead of the U.S. employment report. When the NFP was released, however, the pair burst into life and staged a spectacular rally. It skyrocketed above 1.3000 after trading around 1.2900 for the most part of the day.
Despite the absence of market-moving events, EUR/USD was able to move slightly higher during the day. It bottomed out near the DO and then quickly rallied after. Would’ve been a good idea to go long at around 1.3010 while the Stochastic showed oversold conditions and aimed for the 1.3100 level.
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