IMO there's a fair chance, it wouldn't be the first time a pair was confined to an ever narrowing range until the next breakout. With the summer holiday season in Europe and the States, it is more than likely. Besides, the market may have reached an equilibrium for the time being.

I'm begging anyone here to help me out with an explanation as to WHY the EURUSD plummeted to 1.5631 in intraday trading earlier in the day. Bloomberg's explanation that it was as a result of expectations of some German Industrial Index blah blah was unsatisfying and was frankly quite insulting.

More likely a drop in the price of crude oil:

http://hp-consumer.aol.com.au/news/s...721/index.html

It should find good support at 1.5620 as USD/JPY is getting overbought.

It looks like very controlled computer selling by a bank as of 1.50am CET to knock out stops. It looks like we should have good support now at 1.5625, and possibly a move back toward 1.57. If this gives way, next support at around 1.5585. imho

Interesting article. So the dollar falls in value by around 15% but the oil price increases by 200%. Something wrong with this picture! A little bit of BS on the no relation to supply/demand comment imho.

1.5585 here we come then...

Purely momentum. It was unrealistically bid like crazy to begin with, so now is time to go back to real value.

Seems that 50% fibo 1.561 holds for now, unless data later today drives it even more south (or north if better than expected).

i see 5605 key to further downside. Is holding for now, although the bounce is not really strong (20 pips). Expect it to break, next 5580 5550 (both minor) 5535 stronger

Okay! Haven't posted for some days now so might be a time for a status. And just to let you know that i am still alive (albeit very tired after the night shift...)

Also in short mood! One lot in from 1.5618, target 1.5550. Added to the position at 1.5630, SL 1.565 on both. Target open for now on the add-on. Think i will keep that one for a while...

Best from here up in the cold north.

Btw. where is batman when you need him?!

/Salsaprince

well hoping for a bounce from 5610 and longs in (light) from 5616, with better order standing b/w 5572-90... stops below 5566... lookig for a 5666-75 for the longs from 5616 for the time being...

GL ALL.......

EDIT:
taken one out at 5643, one left with limit at 5672 as of now.. stops adjusted on the reamining long.

__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...

BULLET: EURO-DOLLAR: Recovery off earlier lows of $1.5611 to.
EURO-DOLLAR: Recovery off earlier lows of $1.5611 managed to extend to
$1.5658, the move however failing to trigger reported stops now re seen
placed above $1.5665, one trader says. Bids remain in place around
$1.5610, with further interest now said placed to $1.5600, with stops
now mentioned between $1.5590/80. Bids were mentioned earlier between
$1.5580/70.

Provided by: Market News International

And levels -
Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF
Spot 0630 GMT 1.5632 107.31 1.9742 1.0308
3 Day Trend Bearish Bouncing Bearish Bouncing
Weekly Trend Capped Capped Capped Bouncing
200 day ma 1.5055 107.69 1.9982 1.0809
3rd Resistance 1.5787 108.19 1.9845 1.0368
2nd Resistance 1.5738 107.82 1.9802 1.0342
1st Resistance 1.5651 107.61 1.9774 1.0308
Pivot* 1.5656 107.14 1.9774 1.0291
1st Support 1.5622 107.11 1.9709 1.0270
2nd Support 1.5565 106.79 1.9638 1.0232
3rd Support 1.5537 106.61 1.9588 1.0218

Intraday EUR/USD: The euro is sliding further and approaches the June 24 $1.5622 high, a slip through which will eye $1.5565, where the 38.2% Fibonacci retracement of April-May's decline comes in. Minor resistance is found around $1.5651, where the 50% Fibonacci retracement is found, and at $1.5738, the 61.8% Fibonacci retracement.
Weekly chart EUR/USD trend: Capped.


My stops at 5670

Euro down.
10:00
Economic Data (GE, May) Industrial Production MoM/YoY out at -2.4%/0.8% vs. 0.3%/3.5% expected. Prior at -0.2%/5.0% (revised from -0-8%/4.8%)
10:01
Terrible German Industrial Production figures for May hitting EUR here.

To fxaprendiz
I agree with your targets and analysis.
But your entry (level) to set stop loss order no good.
My stop losses level 1.5670.

hi there cocaine.
from hereonwards 5630 is to consdier as a supp which could provoke a boune to 5677-84 if 5566 gives way. possible move if goes north coud extend out to 5690...

__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...

hi there fxaprendiz, long as well, just added more for small gains from above 5630. tgt now improve3d to 5682 possibly 5694..... looking for 5630 now to provide supp... the one taken at 5632 on the current fall has stop at 2 pips gain. limit is retest of 5660-66 and on a stal would let it go, holding on to the 5616 for a possible close to the 5700 mark if possible....
first thing first 5666 needs to be taken out...
GL

__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...