EUR/USD

sherifFares posted:
EUR/USD broke the psychological support 1.1200 and now heading for the next support line 1.1160. but I don't think there will be a break before the market close. I guess it will be a chance for short under the support line.

 I think we can expect it to fall much lower than that next week. It will likely reach 1.1070.

Interesting week ahead.

EUR/USD closed above the MA(20) but a further drop is expected next week let's see i am waiting for the price under the support line 1.1160.

arigoldman posted:
Interesting week ahead.

Yes, I think it will be like 'The time to buy is when there's blood in the streets'

......Yet another example of how Consolidation Breakouts with Large Candles lead to False Breakouts....another trap of the market..


EURO USD looked set to break higher with this Large Candle...








...but I expected it to at least pause before either moving sideways or reversing sharply....








This is because these Large Candles, as attractive as they are, hardly lead to successful breakouts.


Figuring this out and identifying the types of Candles that actually lead to profitable breaks was what I had to do...









I cant tell how much money was lost and time spent in spotting the right signals to trade- made a big difference in results.

Although this has taken place on the Daily Chart, these Large Candles are seen across all time frames as well. Its not so much the size in terms of Pips but relative to the other Candles on the time frame being traded. So whether you are a Day or Swing Trader, they will appear from time to time.


Once you can make this distinction, it becomes much easier to avoid these traps.







[B]Duane
DRFXTRADING[/B]

On Friday session the EURUSD pair fell for the fourth straight day and closed in the red near the low of the day on a narrow range. The currency made a stronger pullback and is trading within a daily support zone from 1.1237 down to 1.1097. A break above the 1.1237 will suggest another up run to 1.1555.

On Friday the euro recorded a fall against the dollar. The single currency depreciated for the fourth consecutive session and thus came close to the support at 1.1105. In the short term it is expected price correction and the pair to recover some of the losses by testing the resistance at 1.1329. Trade on Friday launched at 1.1244 and finished 58 pips below. Bulls prevailed in the early hours of the session, but then later the direction was changed and currencies hit bottom for the day at 1.1155.

The EUR/USD consolidation continues and the pair is still testing the support at 1.1200. This might continue until the ECB rate decision on Thursday.

EUR/USD is moving in a tight range and I dont think we will see any sudden movement until the ECB press conference and the NFP.

sherifFares posted:
EUR/USD is moving in a tight range and I dont think we will see any sudden movement until the ECB press conference and the NFP.

I agree with you on that, Because it should be some high volatility after that.

Pure chaotic oscillatory behaviour

Looks like the 1.1300 level is the next resistance for the EURUSD.

Movement in forex and stocks are crazy since last Black Monday..

Look009 posted:

arigoldman posted:
Interesting week ahead.

Yes, I think it will be like 'The time to buy is when there's blood in the streets'

But what about if that blood is your's??????

I mean retailers are always like this, and they always come late in a run...

sherifFares posted:
EUR/USD is moving in a tight range and I dont think we will see any sudden movement until the ECB press conference and the NFP.

When is ECB's conference??

The euro recorded a minimal increase against the dollar. The negative series of the single currency was interrupted, but the couple remained at the lower levels. If short-term expectations justify the adjustment of the price will continue, bullish sentiment will become more intense and currencies will make a test of resistance at 1.1329. Monday session was relatively calm, and the pair ranged in a narrow range. The start was given at a rate of 1.1172, and the finish line was crossed 37 pips higher. Peak of the day was achieved at 1.1261.

Yesterday the EURUSD tried to rally but found some resistance at 1.1237 to turn back but managed to close in the green at the middle of the daily range. Looks like the currency will keep pushing higher, the first stop should be the 10-day moving average at 1.1326 and a close above it would suggest a stronger move up to 1.1460 daily resistance.

Just a few weeks back EUR was being considered as doomed currency and reaching parity soon. Today it has become the safe haven. Fundamental analysis......LOL