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

On the weekly closing basis prices there is a descending triangle that has never closed below the 50% retracement. Pattern is bullish while price holds it. lets see if euro manages to close above or below 3054 this week

Originally Posted by Franosh

Nothing to celebrate, yet: 61.8% being defended

Originally Posted by psperos

On the weekly closing basis prices there is a descending triangle that has never closed below the 50% retracement. Pattern is bullish while price holds it. lets see if euro manages to close above or below 3054 this week

Nice too see some bullish arguments for a change. Don't know which way it'll go but hopefully grab a few pips after it eventually makes its mind up. like trying to tickle a rattle snakes chin recently

take a look from another angle from the "pattern" side

cup and handle on 15 min /tf

Originally Posted by psperos

Dollar index at perfect levels for shorting, EUR needs to make a daily close below 1.3 to confirm breakdown out of range. It also needs to close above 3054 signal a key reversal. A real signal for bulls would be a close above 3100 today.

True.. Almost same view.. However, if you can dig my charts from last week, I do have a descending triangle both on euro and the USD..
Hence one of them takes it up on the chin, the other could perhaps take a small slap around...
Could be an indication that AUD / GBP and other majors might be a better deal.. haven't look on the AUD and CAD, but perhaps with Stocks getting done on the correction down seems ready to challenge the highs and possibly heading higher...
Could be an attractive opportunities if euro stalls and USD breaks under...
Just a thought...
As of now, still looking for 3063 and more ideally a 3080 play on euro and USD as of now have closed an 8 hrs below to the 9944 mentioned earlier...
If 9944-46 holds out on USD, then this is it for the USD for it is heading lower.. A re break higher and we can see a move upto 9985 before seeing if it can break higher or not.. A break higher points USD to higher territories into around 10075-80...

GL..

thats Merkel putting her foot down and the French back in their place

EUR/USD broke out of the wedge (red lines) and headed lower with strong momentum. The market stands now under the neckline of the H&S. The market found support at the major level of 1.30, the 61.80 % retracement level (1.2955) of the upward move since middle of January and Daily Pivot Point (S3) at 1.2953. Medium support is the 100 % fib extension below 1.29. The break of the recent lows (Stop fishing) is accomplished and market is likely react/retrace from there. A typical consolidation (Bear flag with 3 swings) would indicate further momentum down. However as market has already triggered the stops under recent lows and stands at strong support the market could retrace higher. Further price action will give hints.

On the 1h time frame we currently have a strong resistance zone below 1.31 due to gab close, Weekly Pivot Point, 61,80 % retracement and recent consolidation. Market is likely to turn around (short term) or at least consolidate there before further upward movement.

Daily:



1H
Chartanalyse Forex (Eur/USD)

this is the descending triangle I was mentioning and had a base now turned resis at 3063 which on the daily is 3059 almost got tested...
A move higher and we can likely see the gap getting close as I have next resis as shown earlier rt at around 3082... which can be taken as a confirmation of this 3063 breakout..
we can expect a halt to around 3060 for the time been..
but with USD lower to 9944-46 I would expect a move higher on euro eventually closing the gap...
USD just noticing has gaped lower on the opening of the stocks.. Stocks printing fresh highs for the day....

GL..

Hello Traders! I hope you have had a great weekend! It has been a little warm and muggy in the Lone Star State. We look forward to some exciting trading this week of a full moon, Greek election chaos and a change in leadership in France.

SSI Details:
EURUSD - The ratio of long to short positions in the EURUSD stands at -1.21 as nearly 55% of traders are short. Yesterday, the ratio was at -1.13 as 53% of open positions were short. In detail, long positions are 1.5% higher than yesterday and 33.9% stronger since last week. Short positions are 8.3% higher than yesterday and 23.7% weaker since last week. Open interest is 5.1% stronger than yesterday and 2.3% below its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains.

Originally Posted by stryker

True.. Almost same view.. However, if you can dig my charts from last week, I do have a descending triangle both on euro and the USD..
Hence one of them takes it up on the chin, the other could perhaps take a small slap around...
Could be an indication that AUD / GBP and other majors might be a better deal.. haven't look on the AUD and CAD, but perhaps with Stocks getting done on the correction down seems ready to challenge the highs and possibly heading higher...
Could be an attractive opportunities if euro stalls and USD breaks under...
Just a thought...
As of now, still looking for 3063 and more ideally a 3080 play on euro and USD as of now have closed an 8 hrs below to the 9944 mentioned earlier...
If 9944-46 holds out on USD, then this is it for the USD for it is heading lower.. A re break higher and we can see a move upto 9985 before seeing if it can break higher or not.. A break higher points USD to higher territories into around 10075-80...

GL..

here is your old post, http://forexforums.dailyfx.com/eur-u...ml#post1134984

You got the pattern drawn before it was even developed

Some timeframes are oversold, some are overbought.
That means choppy range-bound trading ahead. Trending bias is not going to work well in this kind of environment.

i suspect the 3058 high will be broken shortly

SSI Details:
EURUSD - The ratio of long to short positions in the EURUSD stands at -1.21 as nearly 55% of traders are short. Yesterday, the ratio was at -1.13 as 53% of open positions were short. In detail, long positions are 1.5% higher than yesterday and 33.9% stronger since last week. Short positions are 8.3% higher than yesterday and 23.7% weaker since last week. Open interest is 5.1% stronger than yesterday and 2.3% below its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains.[/QUOTE]

I think the EUR shorts could be trimmed a bit further. Not much economic news until Thursday and most of what we will hear until then is political speculation about what could happen in the EU. At the moment, I am long to 1.3074 (with stop at 1.3029). See what it does from there.

Shorter term stuff:
The price has been trading above the 15min BB20 midline during this minor uptrend.
Eventually the midline will get tested again and will break making the lower band the next logical target. Things are overbought on the faster timeframes so the upcoming downcycle should continue until things are oversold again.


Longer term stuff:
On the Daily chart, both the lower bands of the BB20 and BB60 were tagged. Usually a double tag means a reflex bounce to at least the BB20 midline which is currently around 1.3155. The faster CCI and RSI indicators are already in their oversold zones.

beautifully behaving eur/usd now my number 3080 in sight i believe!

i think the prices may check/test 3080 today in ny session

here is my chart and my view!