Last week’s high was still 361 pips shy of a new four week high and 188 pips shy of a new three week high. Currently, this week’s high is 23 pips shy of last week’s. If it doesn’t get higher than last week, this week will have the 2nd lowest high of any week in this downward move since last summer (the 2nd lowest high of any week since 2003 for that matter).
Compare that with the week following the 13th of December which posted a new 3 week high and came within 30 pips of a new 4 week high. There were traders in this very thread taking longs with targets over 100 pips higher than that high. We are now over 1500-1600 pips lower than that.
EURUSD initially rallied but found enough resistance at a 61.8 Fibonacci retracement to turn around and close near the low of the day. Nothing fundamental as change so the long-term trend is still bearish, the strategy is to short rallies below the 1.1034.
Today i got out of the army a bit quicker because of my country’s national holiday so i was able to enter the markets a bit sooner. Driven by uncontrolled newbie excitement i entered at the wrong time and excited at the wrong moment loosing an additional 15+ pip profit but managed to come clean with a 19 pip profit.Price held strong at the PP and looks like it’s going to the R1 but i decided to get out due to oversold conditions.Do you think price will pass R1 heading to 1.100 or will it fail?
I thought EUR/USD had broken above the resistance at 1.1000 but after the pullback it began consolidating right under that resistance. I still think the pair will continue climbing but it does seem it might take a while for it to break above 1.1000.
Well well… indeed… The trend hasn’t reversed yet. But we have to watch closely as there is a great chance for a trend reversal. After all Nasdaq went again below 5000, so did DJIA going well below 18000 and NYSE below 11000.Their resistance points are holding strong.In fact they appear to be stronger by the day.Only a fool wouldn’t take note out of this.
The price structure suggests a downward long-term trend. The EUR / USD is proving lower minimum and maximum below both moving averages 50 and 200 days. So consider the upward trend of short-term or any possible extensions of the same as a
EURUSD rose on yesterday session after disappointing US durable goods orders for February and close in the middle of the daily range, in a typically digestion day, creating an inside day.
To the upside we have strong resistances at 1.1097 and the 50-day moving average at 1.1110, the stochastic is showing an overbought market. Taking into account the return to risk ratio we are at a perfect point to go short.
The EUR/USD rose today and reached 1.1040 but it does seem that the pair has run out of steam as it began descending again. It is likely headed for 1.0850, where there is a pretty strong support coinciding with the (89) MA on the four hour filter chart.
In the short term momentum studies, the RSI approached the 70 line again and turned to the side, while the MACD remains below its signal line and pointing downwards. Moreover, the rate is still above the negotiated downlink short-term trend line of maximum 26 February and above the rising trend line on 13 March.
The short-term outlook is positive but the long-term is downward.
Today was the third day the price rebounds from the resistance level 1.100. price is stuck between support 1.0820 and resistance 1.100 until one of those two major lines are broken I guess its better to be neutral.
