Quote of the day: “There is no security on this earth, there is only opportunity.” ~ General Douglas MacArthur
Good morning. Monday’s opening price which is providing resistance is currently being tested as the euro recovered some ground, but the daily charts remain bearish as long as there are several resistance layers above current trading zone. The 4-hrs charts are slightly bullish right now and we should keep an eye on this resistance range between 1.3350 and 1.3400:
Euro Vs US Dollar Chart 4hrs 10-5-2011
Current recovery looks like a normal correction, thus looking for new selling opportunities on signs of weakness is probably the best bet for now.
As seen below, the cross is approaching resistance around the 50% retracement value of last up leg. Daily charts are still bearish but in case of a break above this resistance at .8650, buyers may have a good reason to push it higher
Euro Vs British Pound Chart 4hrs 10-5-2011
The correction continues after the cross reached a 10-year low but it’s a fragile ground, so in case it retests support around 101.70, selling on the breakdown seems a good option. To the upside, resistance resides around 102.75 and 103.30 (61.8% of recent decline) (more…)
Quote of the day:“The world tolerates conceit from those who are successful, but not from anybody else.” ~ John Blake
Good morning. The ugly gets uglier for the euro as it just reached a 10-year low against the Japanese yen at 100.75 and extended its decline against the dollar to a fresh multi-month low at 1.3165 before pulling back to intraday highs around 1.3220 while writing this. Short-term resistance starts around this week’s opening level at 1.3350 and is followed by 1.3430/50 and 1.3530/50 – as seen below:
Looks very bearish as long as it trades below 1.3350. However, it would remain bearish even in case of a rally to 1.3530, so don’t expect any miracles: rallies, breakdowns = new selling opportunities.
Euro Vs US Dollar Chart 4hrs 10-4-2011
102.00/50 is where to expect the sellers to re-enter the game
Euro Vs Japanese Yen Chart 4hrs 10-4-2011
The short setup signaled by the reversal pin bar, as noted in my post yesterday, looks good so far. I think there’s more downside to be seen, retesting recent bottom support. (more…)
Quote of the day:“Always listen to experts. They’ll tell you what can’t be done and why. Then do it.” ~ Robert Heinlein
Good morning. The euro opened lower this week as Greece acknowledged it would miss the deficit targets agreed as part of July’s bailout package. European finance ministers are meeting today to discuss bailout measures.
Daily, weekly, 4-hrs charts – all look so bad that the only reason to look at them is to identify new levels where to set selling orders.
Euro Vs US Dollar Char 4hrs 10-3-2011
Euro Vs US Dollar Char Daily 10-3-2011
Dollar rallies, retesting recent top side. Break above 80 would be yet another bad news for the stock market
Quote of the day: “There art two cardinal sins from which all others spring: Impatience and Laziness.” ~ Franz Kafka
Good morning. The dollar holds gains as the euro is retreating after yesterday’s short-lived attempt to reach the $1.37 zone. The resistance around 1.3700 highlighted in my yesterday’s post is intact and as long as the euro holds below, selling on signs of weakness is probably the best thing to do. Let’s check the dollar index chart before continuing with the EUR and others
There’s a horizontal support line around 77.50 right now where the dollar found a temporary resistance some days ago. Well, if sellers manage to breach through the said line – selling on the break lower could be worth it. Meanwhile, upside remains favored as the dollar is strengthening across the board
USD Index Chart Daily 9-30-2011
As seen below, the 50% retracement value which provided support on last downside attempt is currently under heavy pressure.
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