bobart, I would definitely wait a bit, I expected more downside today but that didn’t happen. Still could though, that yellow dotted support line is quite strong as it had been acting as resistance since last June. It’s possible it could be headed back up a bit more to the 1.12626 resistance (Grey line, also acted as prior support area), plus the RSI is fairly low, but certainly not oversold. I think the next 24 hrs will tell, but for the time being I’m still bearish on this.
Well, the situation it is not that easy as it looks. On daily time frame it did made a Higher high and now just reached 120 level, dynamic support level which also lines up with the FIB level 618. On the higher time frame the candles shows that the bears are losing steam which all are good signs for a long trade, but we need to wait for the higher low and then wait for the market to prove that the bulls enter the market. For the time being this pair it is still bearish.
So it dropped today and hit my 1.118 support mark perfectly.
My next support area is at 1.111, where once again I have 2 support lines meeting (blue box). I believe there’s a good chance this area could be reached this week.
The EURUSD may get even weaker if it confirms a breakdown below the 1.1200 level, its next suport level could be the 1.1100 zone.
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Let my forecast was not very accurate. EUR / USD moved down to 1.1180. However, from this level the pair has a chance to turn up. Today we are waiting for the speech of the ECB head Draghi, and the main decision of the US Federal Reserve on the interest rate. From these events depends on the exchange rate. Technically, now it is not possible to predict anything. Now we need to try to take advantageous positions, so that to the news releases to move the stop loss in the profit zone.
If the stars develop, the pair will turn up, almost from the level that I predicted.
I’m long now with a pretty wide stop.
Will adjust it as needed.
Well, I’m stopped out and looking for a short term trade in the Euro to the downside again, but this time against the commodity currencies. Still have a longer term bias for an up move in the Euro - just looking to see it a little lower first.
EUR / USD today will remain in the range of 1.1350-1.1400. There are no news releases today. Therefore, I recommend buying from the lower border 1.1350, and selling from the upper border 1.1400.
Н4
Judging by the closing of the daily bar, EUR / USD will move down. There is support at 1.1260, this is the Kijun line. Stochastic is already at around 20. Therefore, we sell until 1.1260, and at 1.1260 we are looking for an opportunity to buy.
Daily
It certainly looks close to a buy- 1.1260 like you say -, but as the Euro is still weak against everything except the British Pound, I think confirmation (maybe on a 4 hour chart by morning) is in order.
All the best!
Good support on the EURUSD at the 55 day EMA, 1.1270 level. The pair is consolidating on the daily chart, very undecided. Below the 55 day EMA, its next support could be the 1.1200 level. To the upside, the 200 day EMA at the 1.1332 level could act as resistance.
Well, it looks like the EURUSD had begun to turn upward on the 1 hour chart, then it proceeded to go back down, so I put in a buy order just below today’s low at 1.1190 as that is where the stops are and the USD Index is starting to look seriously overbought. I’ll check it later and if it turns back up in the next 10 or so hours, I may buy at the market.
EUR / USD moved sharply down. Now there is a corrective bounce up to the previously broken blue line Kijun. I would not trust the bulls now. We must sell. From Kijun, EUR / USD will be beaten down and continue downward. This can take ten pips or more.
Н1
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well you were damn right about that LOL EU fell crazy today, you’re a swing trader?
EUR / USD is far away from the Tenkan line. Stochastic below level 20, rsi below level 30. These are prerequisites for a reversal. But it is too early to buy, the trend may continue.
Daily
Now looks like a very good time to buy the Euro, but, this time, again, looks like the Cad$ is a good pair. Bought a little EURCAD Friday to start.
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If you are tracking the EURUSD this week, consider this top-down technical perspective.
The market printed a morning star formation on the daily time frame towards the end of last week. This was in a horizontal support zone and price action is presently located too far from the mean. Thus, we may see a pullback to an area of value in the early part of this week. The 1.11680 area, which adjoins the monthly pivot, is a likely target of such a pullback. Another candidate is the minor falling trendline (magenta) formed by recent swing highs.
On the H4 time frame, price action is heading northwards and we may see a retest of the broken-down horizontal support around the 1.11680 area, which may lead to a role flip. Should there be a role flip we are likely to have a bearish momentum for a southward continuation.
Trade safe.
You should be way up in profit now if you held those ECAD trades lol
