EUR/USD

The EURUSD may go lower during this week, especially if the US fundamentals come out better than expected.

EUR/USD didn'tmake any significant move last week. The alert is neutral, possibly with slight bearish signs for testing the 1.1140 support. I still prefer a bullish scenario at this phase but a clear break and daily close below 1.1140 could trigger further bearish pressure testing 1.1040.

EURUSD fell on yesterday session for the 3rd day in a row. The currency fell and closed in the red near the low of the day, on a 2nd narrow range day, showing that the downward move is losing momentum as the Greek government remains hopeful that the talks will lead to vital aid being released, which will enable the country to avoid default.

EUR/USD failed to break below the support at 1.1130 and consolidation continues. Whether or not the doji candlestick on the weekly filter chart is a signal that the pair will move to the downside again remains to be seen.

Price failed to break either the support 1.1130 and the resistance 1.1300 price is now on half way until I see a break or a rebound from the resistance and support level I will stay neutral.

EUR / USD was trading in consolidation mode on Monday.
In the broader trend, the break up of 1.1045 indicated the conclusion of a possible training 'double bottom' something that could represent bullish implications wider.

The 100 SMA right above current level in one hour chart shows that Eur/Usd probably will have a tough time extending its gains.

According to analyst at JP Morgan, keep long position in Eur/Usd for a potential test of 1.15.

On yesterday session EURUSD rose and close in the green in near the high of the day, above the 10-day moving average. The currency is still in a recovery phase and stochastic is showing a slight bearish to neutral momentum but still above the 50 mid line.

Expecting an upward move to year high at 1.1459 on a break above previous day high at 1.1278 (scenario 1) or a break below the daily support at 1.1097 could drive the pair down to a key level at 1.0900 (scenario 2).

The EUR/USD consolidation continues today. The pair is still testing the resistance at 1.1280. If it fails to break above that level I expect it will move to the downside again until it reaches target 1.1120, which is the support level coinciding with the (89)MA on the four hour filter chart.

EUR/USD - daily chart update

what you see on the daily chart are normal up-hooks. there are 2 in a row.
Highs of each bar in the correction can be taken as an entry point (high of the bar ask price + 1 pip)

The direction was determined by the major formation and it's last entry point at 1.0846 (ask + 1 pip on our charts)

confirmation/continuation hooks are the best place to get into a trade.

on the weekly chart, 1.1532 is the high of the LFC (last full correction)
usually - before a chart hooks (after a elongated trend in one direction) it trades through the LFC in the old trend.

On the weekly chart the exit should be above the LFC

The entry on our (weekly) chart was 1.1052 as I posted nearly 3 weeks ago

I also posted an entry on the monthly chart (with all the details) - which was a minor entry signal and very easy to trade.

EUR / USD traded higher on Tuesday, after 'hitting' the support in 1.1130.
Recovery confirmed a higher minimum future in the 4 hours chart, but as there are still positive divergence between our short-term oscillators and price action is better to wait.

The EUR/USD reaches 1.1382 as the highest and fell after that but still above the 1.1280 resistance level, I think there is a chance for more up trend.

Price broke the resistance level at 1.1300 I had a planned buy position over the resistance level and I took my 40 pips. now price will be testing 1.13500.

Euro attempt to renew the upward movement, and this can happen in case that the currency climbe up over the top of 7 May at 1.1381. If this level will be passed we can expect the pair to test next key resistance located around 1.1538, where is situated the tip of 2 February. On the other hand, the potential return of the profit of the dollar is limited by 89 SMA positioned near the key level at 1.1000.

EUR/USD
trading the 'hook' - explained in the attached image.

this is the rule and has to be followed strictly!
It can be used in ANY timeframe.

Important to know:

A hook cannot consist of more than 10 bars
Bar nr. 10 is the last bar to trade through the '0-point' (see attachment)
Most dangerous bar to trade is the 6. bar and should only be traded if there is enough room for profit to the high of bar-0

Since the start of May the EURUSD rose more than 1.3% and is in a recovery phase since late April, trading above the 10-day moving average. Yesterday the currency rose after bouncing off the 10-day moving average with above average volume and close near the high of the day. Stochastic is showing bullish momentum and is above the 50 mid line.

1. please note, my last post was not a signal. When I post a signal (and I seem to be the only one here) then I mark my posting as a signal. (check my history)
My last posting is just a simple explanation as to how to trade a hook!
This rule is good for any time-frame in any market!

2. I have taught price-bar formations (in seminars and private tutoring) for well over 20 years in the USA and Europe, and over the years have encountered many different characters in the trading business.
There are the ones that appreciate new information, and there are the ones that don't.

The EUR/USD consolidation finally ended and the pair continued climbing. I think next target will be 1.1600, perhaps even 1.1700.