Subscribe to the Newsletter E-mail Alerts Follow me on twitter Follow on twitter Become a fan on Facebook Become a Fan Subscribe to the RSS Feed RSS
 

Euro Recovers on Debt Optimism Before EU Summit

Posted by on July 21, 2011 – 6:36AM GMT - 4 Comments

Quote of the day: “Absolute faith corrupts as absolutely as absolute power.” - Eric Hoffer

Good morning. Big day ahead for the euro and the pair gains before the summit, testing offers around $1.4260 after Germany and France reached an agreement on Greek debt. Last week’s top is currently tested and it seems that the euro is set for more gains. This resistance region is also the 62% fib retrace value of last down leg from 1.4565 to 1.3835. Hourly – including 4hrs charts – are bullish but the dailies are still bearish and, as noted yesterday, there’s an important resistance region near 1.44 matching key support of the dollar index. I believe we’ll see a test in the coming sessions and it’s really worth keeping an eye on the said barrier. The US Initial Jobless Claims is another important event in the FX Calendar today.

Trading strategy: standing aside

Support: 1.4200, 1.4150 and 1.4100
Resistance: 1.4280/00, 1.4350/80 and 1.4400
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish

EURUSD 4hrs chart 7-21-2011

EURUSD 4hrs chart 7-21-2011

EURUSD daily chart 7-21-2011

EURUSD daily chart 7-21-2011

Other EUR pairs look interesting today, such as EURCHF which is finally recovering some ground after trading in a single direction for two weeks. However, it’s still very early to call a major reversal and I’m afraid this is only a correction. Next important resistance comes around 1.18
(more…)

- Continue reading: Euro Recovers on Debt Optimism Before EU Summit

Wednesday Links 7/20/11

Posted by on July 20, 2011 – 3:31PM GMT - Leave your thoughts

Hello folks. Here’s a daily dose of links:

Cheers!
Good Price

- Continue reading: Wednesday Links 7/20/11

EURUSD Holds Above Support Zone Before Eurpean Summit Day

Posted by on July 20, 2011 – 5:36AM GMT - 8 Comments

Quote of the day:“Lack of money is the root of all evil.” - George Bernard Shaw

Good morning. The euro holds well Monday’s lows and current signals are mixed, both daily and weekly charts suggesting that more upside is likely, but there are some big warning signs on both charts – mainly around 1.4000/50 where a potential breakdown could turn into something quite ugly – see charts below. The USD Index, which is inversely correlated to EURUSD looks interesting too, as price is approaching the rising trendline connecting recent higher lows after the rejection into mid 76 where a nice reversal candle is seen. The highlighted support trendline corresponds to EURUSD’s 1.4350-1.4400 as the pair is lagging behind dollar index due to pressure in Eurozone, but it’s definitely worth keeping an eye on this support zone in the coming days. If it holds, then a breakout scenario into the 76-77 zone would be the next thing to expect and that would turn into EUR’s break below 1.4000-1.4050.

What’s interesting in EURUSD’s daily chart right now is that we have several long tailed candles into support zone lately, but since recoveries have been short-lived – the whole situation looks rather like “buying more time” (for EUR) than reversals or uptrend continuation patterns. Tomorrow’s Eurozone summit in Brussels is the key event and it should give us a hint on what to expect in the near-term. I remain bearish on EURUSD as long as the pair is still near the bottom zone around 1.400, therefore I prefer to stay on bears’ side for now – looking for selling opportunities on signs of weakness. Speaking of selling, I exited yesterday’s short for a small loss as price returned above 1.41. The US Existing Home Sales is one of the important events in the FX calendar today.

Trading strategy: standing aside / looking for a selling opportunity on potential break below 1.4100 (preferably a 4hrs bar close below), with an initial stop at 1.4160 (0.5% risk), target open

Support: 1.4100, 1.4050, 1.4000/20, 1.3900 and 1.3840/60
Resistance: 1.4180/00, 1.4250/80 1.4350/00
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – mixed

EURUSD daily chart 7-20-2011

EURUSD daily chart 7-20-2011

 USD Index

Dollar Index daily chart 7-20-2011

Dollar Index daily chart 7-20-2011

EURUSD weekly chart 7-20-2011

EURUSD weekly chart 7-20-2011

Have a great day!

- Continue reading: EURUSD Holds Above Support Zone Before Eurpean Summit Day

Tuesday Links 7/19/11

Posted by on July 19, 2011 – 5:56PM GMT - Leave your thoughts

Here are some of today’s good stuff to read:

funny ads

funny ads

Cheers

- Continue reading: Tuesday Links 7/19/11

EURUSD Recovering Some Ground, Still Far Away From the “Safe Zone”

Posted by on July 19, 2011 – 6:14AM GMT - 1 Comment

Quote of the day:“As every thread of gold is valuable, so is every moment of time. ” – John Mason

Good morning. We had a correction up to 1.4135 after the euro found support yesterday into the 1.4000-1.4050 support zone, but price is currently retreating off the session highs – trading at 1.4075 right now. As I wrote yesterday, I am expecting the EUR to remain under pressure before the summit this week and I’ll continue to monitor the said support zone between 1.4000 and 1.4050. I am currently holding a small short position at 1.4100, with an open target and a stop at 1.4135 – because I think that a retest of Asian highs would have a good chance to turn into an extended gain towards 1.42 so I rather exit earlier than planned yesterday (at 1.4160). The German Zew Sentiment is one of most important events scheduled in the economic calendar today, but most eyes will be on the Greek and Spanish bond auctions.

Trading strategy: holding short at 1.4100, stop at 1.4135, target open

Support: 1.4050, 1.4000/20, 1.3900 and 1.3840/60
Resistance: 1.4100/30, 1.4180/00 and 1.4250/80
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish

 Just a quick reminder: if you’re on social sites such as Facebook or Twitter (who isn’t on FB these days?!), you can follow innerfx either by subscribing to the Facebook page or by following on Twitter

EURUSD 4hrs chart 7-19-2011

EURUSD 4hrs chart 7-19-2011

Cheers and thanks for reading

- Continue reading: EURUSD Recovering Some Ground, Still Far Away From the “Safe Zone”

Page 30 of 382« First...1020...293031...4050...Last »

Stay up to date

Join thousands of subscribers from all over the world and receive updates via e-mail

You will receive 1 or 2 emails/day

Email alerts:

Participate in the dot-com bubble 2.0 by connecting to innerfx on your favorite social site.

© 2004-2011 FX Trading Blog - innerfx.com - About | Terms of Use | Disclaimer | Privacy Policy | Contact