Tuesday, May 26, 2009
Thursday, May 21, 2009
EUR/USD crashed through resistance yesterday and never looked back, busting upwards almost 150 pips at its peak. With the fresh higher higher and higher low we are again looking at a steady uptrend and buying opportunities. Hourlies are close to overbought territory - which is normal in a strong trend - but we will look for dips to buy as those levels cool off. Nearest support levels are at 1.3720 and 1.3665.
Trading Idea: Looking to buy a bounce off of 1.3720, tight stops, targets at 1.3775 and 1.3830.
Tuesday, May 12, 2009
EUR/USD is making a strong move for the bulls on all charts 1 hour and above, with the euro having gained roughly 700 pips in the past few weeks. Technically I am bullish on the pair in the mid-term but it is very overbought in the short-term. Pair cooled off a little bit yesterday as traders consolidated their positions overall but still has room to drop so I will be looking to buy on dips.
Trading Idea: A bounce off support near 1.3475 would provide a good opportunity to reset longs. Tight stops, targets at 1.3530, 1.3595 and 1.3645.
Thursday, May 7, 2009
Tuesday, May 5, 2009
Euro bulls are in charge as the pair made a new higher high yesterday and higher low, signaling that the uptrend is still intact. Buying on a significant support off a bounce or buying a break of resistance will be my attack.
Trading Idea: Good support at 1.3250 and 1.3200 that I would buy a bounce off of. Long targets at 1.3295, 1.3240 and 1.3395. Tight stops.