Friday, September 25, 2009
Thursday, September 24, 2009
Trading Idea: Looking to sell a break of blue trend support line currently at 1.4710 but rising, or sell a failure below 1.4800. From 1.48 short targets are 1.4730, 1.4690, 1.4655 and 1.4620.
Tuesday, September 15, 2009
Sunday, September 13, 2009
Friday, September 11, 2009
Trading Idea: Trend is up and I am looking for buying opportunities. I would buy a sustained break of 1.4615 or a dip with candlestick confirmation to support above 1.4500. At 1.4500 targets are 1.4555 and 1.4615. With a break above 1.4615 I’m looking for 1.4660 and 1.4695.
Tuesday, September 8, 2009
Trading Idea: Nearest support is at 1.4400 and then 1.4365. I will look to set longs on a bounce off of these support areas with targets at 1.4455, 1.4495 and 1.4525. With the RSI heavily overbought (was at almost 90 for hourlies) I would also look to sell another run into resistance between 1.4520-1.4550, with short targets back down to 1.4425.
Monday, September 7, 2009
In holiday type trading (US is off for Labor Day national holiday), the EURUSD has nevertheless been able to continue it’s move higher from Friday’s afternoon rebound. The gains have been attributed to an increased demand for “riskier currency pairs”. German Factory Orders also showed stronger output as they rose by 3.5% MoM after a 4.5% gain in June. It also was the 5th increase in a row.
The pair has moved above the trendline resistance at the 1.4333 level. This trendline will be eyed for support today. On the upside, the next hurdle will be the 1.4377 (high from last week) and 1.4386 (trendline off the high from August 5th).
Thursday, September 3, 2009
Some mixed signals coming off the EUR/USD yesterday as the pair charged through resistance at 1.4255, signaling that the euro bulls are not going down without a fight. After the third bounce off support around 1.4200 the pair jumped 100 pips in 3 hours before easing off just below 1.4300. This latest thrust signals possible strength left in the Euro but I expected the upside to be limited by resistance at 1.4300 and the intersection of two trend resistance lines (yellow on chart below) just above 1.4300.
Trading Idea: Indicators are mixed, but I would look to sell with a tight stop in the 1.4315 area with an eye back down to 1.4260 and 1.4225.