EUR/USD experienced a slightly higher volitile session on Monday . Although bairs prevailed, the pair started the week at significantly higher levels than last. The pair made a test of the resistance at 1.1389, after marking intraday high at 1.1381.
EURUSD The EURUSD was indecisive yesterday. As you can see on my daily chart below, we have a “shooting star” candlestick formation (B). While some may argue that that is not a valid shooting star formation compared to what happened on May 03 (A), for me any indecisive movement now could be a serious warning for the bullish run. That said, as long as stay above 1.1285 I still prefer a bullish scenario targeting 1.4700. A clear break and daily close below 1.1285 could trigger further bearish pressure testing 1.1180 and the lower line of the bullish channel which remains a good place to buy.
Yesterday EURUSD tried to rally but found enough selling pressure to give back to the market all its gains and close in the red, near the low of the day, however managed to close above the Fridays high, which suggests a weak bullish momentum.
The pair is trading above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: a daily resistance at 1.1460, the previous swing high at 1.1415 (resistance), the 50-day moving average at 1.1296 (support), the 10-day moving average at 1.1270 (support) and a daily support at 1.1237.
The single currency dropped notably against the US dollar on Tuesday. The pair failed to break the resistance at 1.1389 and short-term expectations are still in favor of the dollar. In this case the pair might test the support at 1.1176. The session started at 1.1313 and bearish sentiment prevailed in anticipation of Yellen’s testimory. The depreciation of the euro continued to the end of trade and thus closing price coincided with the lowest value for the day 1.1241.
Yesterday EURUSD tumbled with a wide range thanks to ECB President Mario Draghi saying that the ECB would use all its available instruments if necessary to counter the side effects of a Brexit, pushing the pair to close near the low of the day, in addition managed to close below the previous day low, which suggests a strong bearish momentum.
The pair managed to close below the 10 and 50-day moving averages that should now act as dynamic resistances however the 200-day moving average is acting as dynamic support.
The key levels to watch are: The previous swing high at 1.1415 (resistance), the recent swing high at 1.1382 (resistance), the 50-day moving average at 1.1296 (resistance), a daily support at 1.1237 and the previous swing low at 1.1130 (support).
The EUR/USD is trading somewhat higher since opening going to 1.1280. Main trend remains bullish as we have been in an uptrend channel for quite a while now. UK Vote is tomorrow, playing great defense is key.
The euro marked an increase against the US dollar on Wednesday session. The pair recovered from the previous session and again neared the resistance at 1.1389. If the upward trend continues, the pair will test the key level. The seesion started at 1.1241 and closed 53 pips higher. Bulls dominated and and intraday high was pinned at 1.1337.
Silk posted: Dear 3 days before I bought EUR/USD Sell, today $900 loss, if I keep it will go red or blue today, please help urgently today.
Hello Silk, what price did you sell at? And where is your stop-loss?
Today's bar opened with a small GAP, so chances are that prices may trade back to the open price 1.1293. In addition, today's bar on the daily chart is nr. 15 in congestion, which may also be in your favor. The weekly chart is in congestion with 13 bars, and the monthly chart is currently on bar 14.
When any time frame is in congestion (bar 11 through bar 21) one should only trade a lower time frame and stay within the boundaries of the one that is in congestion. The boundaries are the high and low of the measuring bar (MB), add 8% of the length to the high, subtract 8% of the length from the low.
This will give you the range you can trade in.
The high of the MB on the daily chart is 1.1372 and the low is 1.1135
As you can observe on the daily chart, on June 16th prices attempted to trade out of the consolidation on bar nr. 10 but only made it 5 pips below the low of the MB, then quickly traded back to the middle of the MB. On June 20th, prices tried to break out of the confines of the MB's high but only made it 9 pips above the high and traded back to the middle of the MB. That was on bar nr. 12.
The rule is - 'trend over congestion' - that is why prices sometimes break on an earlier bar. But these are exceptions and should only be traded if one can read and understand breakout formations inside of a congestion .
For the love of god will everyone stop humouring Silk? Don't feed the troll, this thread is for EURUSD news only, please keep it that way (especially on days like this). My mailbox is not a toilet. Silk shouldn't be here whether (s)he is serious or trolling. Thank you and happy trading.
Silk posted: Dear I dongt no how to set stop/loss, I am loosing all the money please help me
The 1 hr chart is in congestion now with 11 bars. the low of the MB is today's open price (1.1293). With a little luck the gap will be closed in the next few hours.
It may help you a lot if you ask for help before you get into a trade instead of asking for help when you are already in a trade.
My question again... what was your sell - entry price?
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