EUR/USD

EUR/USD fell yesterday after the Swiss National Bank have suddenly abandoned the EUR/CHF, raising the stakes in how the ECB will implement a large-scale QE program in the policy meeting next Thursday.
The RSI continued to fall despite oversold, while the MACD moved to further negative territory.
The daily trend is clearly negative.
The EURUSD is forming minimum and lower maximum below and is under the moving averages 50 and 200 days.
R3 - 1.19835
R2 - 1.18878
R1 - 1.17587
Daily Std. Pivot - 1.16630
S1 - 1.15339
S2 - 1.14382
S3 - 1.13091
https://bewayopa.wordpress.com/

bewayopa posted:

The EURUSD is forming minimum and lower maximum below and is under the moving averages 50 and 200 days.
R3 - 1.19835
R2 - 1.18878
R1 - 1.17587

Hello, Kindly describe the above line in detail.
Also, any idea to be in return to level R2 or R3.

Thanks, Prachait

The EUR/USD dropped over 100 pips today and reached 1.1460. It looks like nothing can stop or slow the pair down any more, but the more it falls, the more suspicious I feel. It cannot fall forever and correction should start sooner or later.

It is usually dangerous thinking there is a limit to where a pair can go. It was at 1 at the start, so why would it not be able to go there again? Sometimes the best way to make money is to go with the other unlogical market players. At the end it is not about being right, it's about making money. I have no idea where the EUR is going, but it will all depend on the ECB plan. It also makes no sense to me to go lower then during the Greek crisis, but hey, if it is going lower then I'll be short... with extreme care of a potentially violent correction.

Honestly I am shocked on how far the price went down that quick

free fall it is like a rock falling

I believe we should easily get back under 1.15, and my current TP point is just under 1.14. Got back in at 1.15850 after gaining a nice profit yesterday. I have a hard time buying EURUSD right now as I don't know when it might take the next unexpected drop and just been gaining Selling positions as the price goes up and taking profit a little at a time as it goes down. Been a very good year so far for me.

I think we are going to see a decent Gap down on the EURUSD on Sunday. Looking for more news to come this weekend.

Greek central bank asks ECB to allow emergency bank lending line if needed

https://www.reuters.com/article/2015/01/17/greece-election-banks-idUSL6N0UW0A720150117?feedType=RSS&feedName=financialsSector

My idea is sell position @ 1.164x, Target 1.11x
Who agree with me?!

motaz82 posted:
My idea is sell position @ 1.164x, Target 1.11x
Who agree with me?!

Almost.... TP below parity : )

Hi traders

I have few ideas to discuss. In last couple of days there has been thousand of suggestions regarding Swiss move.

The mainstream idea is that they dropped the floor cause they could not longer sustain buying USD,EUR in order to keep it (2 billlion a day)

My suggestion is: They dropped the floor because it was no longer needed.

1) After pulling two big moves in couple of years, investors will eventually loose perception of CHF as beeing a safe haven - therefore stop buying it in massive scale. This is confirmed by all independent traders I have talked to. CHF will not be safe haven anymore.

2)Normalisation of EUR/USD relationship. Stopping of downwards ,,supertrend ,,. As swiss have seen it there is no need for SNB floor. As EUR and USD will not be as dangerous as during crysis.

My conslusion is: This might be the stopping of EUR/USD dowtrend. And possibly place for strongest reverses ever.
When looking at the charts. USDCHF seems closely related to EURUSD downtrend
EURUSD



vs

USDCHF



Did they dropped the floor because it was no longer sustainable, or because it was no longer needed.

Let me know what do yout think.

M

A Small Downward Gap of about 10 pips, not as much as I was expecting but still something. Holidays tomorrow in USA may make it trade a little slow, but I still believe we will have some downward movement.

Also in the news -> Greece's Syriza expands lead

https://www.fxstreet.com/news/forex-news/article.aspx?storyid=8b7723ac-5755-43f1-b504-29ae9376c13c

motaz82 posted:
My idea is sell position @ 1.164x, Target 1.11x
Who agree with me?!

i'm agree (y)
i think eur/usd will drop until 1.1xxx . . i put my SL at 1.1710

EURUSD initially fell making new low at 1.14595, but found enough buying pressure to turn things back around and close in the middle of the daily range. Technically the pair remains in an aggressive downtrend as fresh 11-year lows have been carved out in the latest drop, begging the question: how low can we go? 1.1376 is the November, 2003 low and seems to be the next technical target.

I already started to sell @ 1.1625; TP1: 1.1350, TP2: 1.11xx

More loses on the EURUSD may be expected, especially if the ECB really comes thru with QE.

honeill posted:
EURUSD initially fell making new low at 1.14595, but found enough buying pressure to turn things back around and close in the middle of the daily range. Technically the pair remains in an aggressive downtrend as fresh 11-year lows have been carved out in the latest drop, begging the question: how low can we go? 1.1376 is the November, 2003 low and seems to be the next technical target.

Let's see, US market is closed today.

alexforex007 posted:
More loses on the EURUSD may be expected, especially if the ECB really comes thru with QE.

Guess I won't be trading on Thursday.

EUR/USD continued to fall on Friday to negotiate below 1.15.
When it reached the level of 1.1467 (S1) sounded the bull alarms and recovered.
The trend continues in a clear downward movement and below 1.1467 (S1) we can see the EURUSD hit the barrier of 1.1368 (S2), defined minimum of 7 November 2003.
R3 - 1.18458
R2 - 1.17471
R1 - 1.16567
Daily Std. Pivot - 1.15580
S1 - 1.14676
S2 - 1.12785
S3 - 1.12785
https://bewayopa.wordpress.com/