EUR/USD

Nothing much changed from yesterday, it seems 1.25 level become strong resistance and so far it holds, we need to see breakout of 1.24 for further decline.

sherifFares posted:
Price seems to rebound every time it touches 1.2500 I think it's a good entry point for a sell position.

I agree, 1.2500 level seems continue to hold as a strong resistance.

EURUSD pair initially tried to rally during the course of yesterday session, but found enough resistance of the 1.25 level to turn things around and close near the low of the day creating an inside day. It appears that the pair is ready to continue moving lower ultimately reaching the 1.2050 level which is a “round-trip” for the entire uptrend, although it will be rather choppy all the way down there.

According to the price-bar formation laws, the high from Monday (1.2508) is a major buy-entry price on the daily chart. Prices would have to break through the high today or tomorrow, otherwise it is not a legitimate entry anymore.
Buy-stop: 1.2508
Exit-1: near 1.2570
Exit-2: near 1.2620
Exit-3: near 1.2740

the 4-hr chart is currently in congestion with 17 bars.
bar nr. 17 is the first bar to trade out of congestion.
safest bar to trade is any bar past bar 20, but sometimes these bars are too late to enter.

It looks like the EUR/USD range will continue today as well.

Yes Victoria, you are right on this point, Thank you .

EUR / USD remains limited below its falling trend line and moving average of 50 periods.
Is formed a symmetrical triangle that reflects the indecision of investors although it is usually a continuation pattern.
Thus the outlook for the EUR / USD are descended.
The good fundamental for the dollar are also matched by good technical staff.
The US currency recently achieved a major technical result.
Last week, the DXY index broke above the falling trend line 30 years the maximum March 1985. Technical analysts are awaiting the close above this trend line this week, somewhere above 87.0.
If so, you may mark the beginning of an upward long-term trend in US currency.
R3 - 1.25619
R2 - 1.25296
R1 - 1.24832
Daily Std. Pivot - 1.24509
S1 - 1.24045
S2 - 1.23722
S3 - 1.23258

price is forming a triangle on the 4 hour chart we might see another break on the price

With Eurozone inflation release relatively overlooked by markets, focus for the Eurozone instead turned towards the ECB professional forecaster survey. In terms of their outlook, they slashed their GDP and inflation forecasts for 2014, 2015 and 2016, with fixed income and equity markets responding in a manner that suggested this furthers the call for additional stimulus measures.

However, thereafter the pair traded in a relatively range bound manner with little else on offer to dictate the pairs price action. Looking ahead, all eyes will be on tomorrow’s slew of GDP releases from the Eurozone, with growth from France, Germany and the Eurozone expected to pick up from the previous quarter.

We have some good news today with the German and french growth it will not be long until the market will get effected by those data.

@PERPETUUMMOBILE I hope to see a sudden stab to 1.2400 and shakeout the longs before pushing past 1.2500. When this happens, I'm going long at slightly above 1.2500.

The EUR/USD consolidation has continued for over a week now and it doesn't look like it will end today, so we may have to wait at least until Monday before we see any major change. That said, I think that it will likely continue descending once the consolidation ends and will reach at least 1.2200, perhaps even 1.2000.

I agree, there is no sign of correction yet, overall trend is still bearish .

Will we see 1.24 today? Further downside expected.

It obvious that the downside is coming next week.

EUR / USD remains limited below the moving average of 50 periods and within a symmetrical triangle formation.
There were some attempts to break the trendline short term, but none found much support.
Typically, triangles are symmetrical considered as a continuation pattern.
R3 - 1.2745
R2 - 1.2620
R1 - 1.2535
Daily Pivot - 1.2446
S1 - 1.2360
S2 - 1.2300
S3 - 1.2250

forexwiz posted:
@PERPETUUMMOBILE I hope to see a sudden stab to 1.2400 and shakeout the longs before pushing past 1.2500. When this happens, I'm going long at slightly above 1.2500.

the high from Monday was a legitimate entry price. In fact, bar-formation traders use this exact price (high from Monday). Hope you had your order placed and can close out the week on a positive note.

Yesterday I posted:
-----------------------
the 4-hr chart is currently in congestion with 17 bars.
bar nr. 17 is the first bar to trade out of congestion.
safest bar to trade is any bar past bar 20, but sometimes these bars are too late to enter.
............................
today, the break occurred on bar 25. Best bars to trade are bar 21 through 29.
If bar 29 doesn't break, then the chart time-frame needs to be switched to the next higher.

I think the time of the euro has come. have a great weekend everyone