Thread: Closed: Discuss EUR/USD News with a DailyFX Analyst

Euro Breakout: Retrace or reversal? What caused this breakdown in the Euro? Is the current decline just a retrace in a new uptrend or a reversal? What are your thoughts?

Hi Greg

I am still in the med-term bearish camp. Holding shorts from 14150, took 40% off below 130 and reshorted balance 13370 last week. Been observing the chop this week which I think is still just unwinding action from the sharp 1300 point prior decline. Still looking for 126-130 area next couple of weeks before reassessing. Today's move looks like an upward correction which is now over and steepness of declines suggests more to come in illiquid trade given its a Friday and only a week to go till xmas. Good luck today.

rgds
c-c

Originally Posted by Gregory McLeod

Euro Breakout: Retrace or reversal? What caused this breakdown in the Euro? Is the current decline just a retrace in a new uptrend or a reversal? What are your thoughts?

I think eurousd pair is making a head and shoulder on a 4 hour chart with neckline at 1.3200. Can it trade the neckline today?

Originally Posted by zion

Intraday trade filled. Open another intraday 13250 target 13420.

Stop loss???

Originally Posted by SpinDoctor2020

Stop loss???

stop 13160.

Originally Posted by c_cubed

Hi Greg

I am still in the med-term bearish camp. Holding shorts from 14150, took 40% off below 130 and reshorted balance 13370 last week. Been observing the chop this week which I think is still just unwinding action from the sharp 1300 point prior decline. Still looking for 126-130 area next couple of weeks before reassessing. Today's move looks like an upward correction which is now over and steepness of declines suggests more to come in illiquid trade given its a Friday and only a week to go till xmas. Good luck today.

rgds
c-c

Nice trade banking some profits from 14150! It is Quadrupal Witching Friday as well with various options expiring and contributing to volatility.

126-130 would be serious move that could be reached in a thin holiday market.

Originally Posted by Bari Baig

I think eurousd pair is making a head and shoulder on a 4 hour chart with neckline at 1.3200. Can it trade the neckline today?

Hello Bari, that is interesting! If you have time, could you post a chart for the community? (It might be a more indirect way of achieving your goal)

Originally Posted by Gregory McLeod

Hello Bari, that is interesting! If you have time, could you post a chart for the community? (It might be a more indirect way of achieving your goal)

Hi Greg
Isn't there still a EU meeting occurring regarding the sovereign debt topic? do you know if they are supposed to issue some type of statement today or over the weekend?

#EurUsd 60M updated.. 1.3250 area..
#EurUsd 60M updated.. 1.3250 area.. on Twitpic

Originally Posted by Mary R

Hi Greg
Isn't there still a EU meeting occurring regarding the sovereign debt topic? do you know if they are supposed to issue some type of statement today or over the weekend?

Hello Mary. Yes there is a meeting going on now. So far, they have agreed that the treaties need to be changed in order to have a permanent mechanism for dealing with future debt crisis that will be in place by 2013. It is not expected that anything material will come out of this meeting.
The compromise text reads: “The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.”

Maybe. But it feels to me like it needs another flush lower to maybe 13220s perhaps before a bit more of a bounce sets in back towards 133 again where I would look to resell. Any stops now clearly risk is at 13360 high.

rgds
c-c

Originally Posted by zifx25

eurusd h1

eurusd touched fib ret 62% at 13240/ 13250 and low shi channel
could rebound from here or from daily pivot point

my view:
TechSmith | Screencast.com, online video sharing, 2010-12-17_1434

kr
John

Originally Posted by zifx25

eurusd h1

eurusd touched fib ret 62% at 13240/ 13250 and low shi channel
could rebound from here or from daily pivot point

my view:
TechSmith | Screencast.com, online video sharing, 2010-12-17_1434

kr
John

Hello zifx25! Were you able to post/create the thread that you needed. If not I can create it for you and then you could post to it. Just let me know.

Regards,

Greg

Originally Posted by Gregory McLeod

Hello zifx25! Were you able to post/create the thread that you needed. If not I can create it for you and then you could post to it. Just let me know.

Regards,

Greg

I Gregory - sent U private message...
some aspects i still dont undertsand on forum
thanks
John

The head and Shoulder of eurousd on 4 hour chart.

Originally Posted by Gregory McLeod

Hello Bari, that is interesting! If you have time, could you post a chart for the community? (It might be a more indirect way of achieving your goal)

Is the chart good now?