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EUR: 1.30 Support Under Pressure in Risk-Off Trade Following Election Results

Posted by Liviu on May 8, 2012 – 7:09AM GMT - 16926Leave your thoughts2012-05-08+07%3A09%3A46Liviu

Many of life’s failures are people who did not realize how close they were to success when they gave up. ~ Thomas Edison

Good morning. All eyes are again on Greece, where political leaders are meeting again to form a new government. Current sell-off is also caused by the French election. With the euro down around $1.300 and struggling to hold, there’s a good chance that sellers are targeting more downside and potential pullbacks to the upside should provide more selling opportunities. Let’s see what are some of the interesting charts today

USD Index

Yesterday’s gap is not a clear breakout but filling the gap is normal, so the correction towards 79.50 should be over now. Next interim resistance is around 80 and a break above that level would result in EURUSD declining below 1.300

USD Index Daily 5-8-2012

S&P500

The bottom formed by April’s lows is under pressure around 1360 as US markets decline after French and Greek elections stoke uncertainty in Europe. Bulls better wait on the sideline and only watch, because the decline doesn’t seem to be over yet (more…)

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EUR Under Pressure Ahead of ECB Meeting

Posted by Liviu on May 3, 2012 – 7:25AM GMT - 16913Leave your thoughtsEUR+Under+Pressure+Ahead+of+ECB+Meeting2012-05-03+07%3A25%3A03Liviu

Trust your own instinct. Your mistakes might as well be your own, instead of someone else’s. ~ Billy Wilder

Good morning. Euro is testing the downside ahead of ECB interest rate decision on best that ECB will hint of further stimulus measures.

USD Index

Dollar bounced off horizontal support and is retesting former support. Next barrier is at 79.50

USD Index Daily 5-3-2012

S&P500

Not much changed, still looking bullish while it holds above horizontal line support

SPX Daily Chart 5-3-2012

EURUSD

There’s much selling going on as it failed to hold onto gains above 1.32, eventually breaking above 1.3270/00. Such violent declines often result in more selling into rallies, if corrections are likely. (more…)

- Continue reading: EUR Under Pressure Ahead of ECB Meeting

Charts to Start the Week 4/30/12

Posted by Liviu on April 30, 2012 – 6:55AM GMT - 16903Leave your thoughtsCharts+to+Start+the+Week+4%2F30%2F122012-04-30+06%3A55%3A09Liviu

Greed is a fat demon with a small mouth and whatever you feed it is never enough. ~ Janwillem van de Wetering

Good morning. Euro holds onto gains above $1.32 after it recovered on Friday from $1.3150 lows. All eyes are on Spain today, as the Spanish government holds a media briefing to explain austerity steps. The ECB rate decision and Friday’s Employment report are this week’s most important events. Here are some of the charts worth watching in the coming trading sessions

USD Index

Trendline support was breached, so it will probably provide a selling area in case of an upside pullback.

USD Index Daily 4-30-2012

S&P500

The recovery above 1400 suggests that more upside action is likely, hence a good idea to keep an eye on 1420 which is the next horizontal barrier

SPX Chart Daily 4-30-2012

EURUSD

Most important corrections provided good buying opportunities lately and I think that the theme will remain unchanged. (more…)

- Continue reading: Charts to Start the Week 4/30/12

Charts to End the Week 4/27/12

Posted by Liviu on April 27, 2012 – 7:11AM GMT - 168932 CommentsCharts+to+End+the+Week+4%2F27%2F122012-04-27+07%3A11%3A22Liviu

We don’t see things as they are, we see them as we are. ~ Anais Nin

Good morning. Dollar is getting some relief as euro losses ground after Standard & Poor’s downgraded Spain. Here are some charts worth your attention today

USD Index

Trendline support is still intact, thanks to Spain’s downgrade

S&P500

Bulls are more confident now that it’s back to 1400 and it’s quite obvious that the decline to 1356-1360 was corrective

SPX Chart Daily 4-27-2012

EURUSD

I was rather expecting the breach of 1.32 to be valid, hence EUR to extend gains towards recent top near 1.34. Anyway, it doesn’t look like a decisive collapse yet so it could be a corrective pullback. If it continues, next support is at 1.3100 (more…)

- Continue reading: Charts to End the Week 4/27/12

Midweek Charts to Watch 4/25/12

Posted by Liviu on April 25, 2012 – 7:14AM GMT - 168834 CommentsMidweek+Charts+to+Watch+4%2F25%2F122012-04-25+07%3A14%3A20Liviu

You may be deceived if you trust too much, but you will live in torment if you don’t trust enough. ~ Frank Crane

Good morning. Euro is back to the upside, retesting $1.3200 and it seems that a breakout is in the cards.

USD Index

Support formed by the rising trendline connecting recent higher lows is being tested again after Monday’s sell-off above 79.50. I remain bearish on USD and I think that a breakdown is more likely than a decent recovery

USD Index Daily 4-25-2012

S&P500

Still no real sign of relief, as recent attempts to recover have been weak. It’s probably best to wait for an exit out of the range

SPX Chart Daily 4-25-2012

EURUSD

As seen below, recent pullbacks have been corrective and the candles are suggesting that buyers are slowly taking control. Though 1.3200 is still intact, but it’s worth keeping an eye on it and also consider buying on break higher