The Latest in Forex News & Analysis.

EURUSD reaches June midpoint

By | July 27, 2012 2:17 pm | 0 Comments

It is finding congestion at the area now.  Traders, will be eying corrections now to see if they are able to keep the bullish momentum going. The last high came in at 1.2343. The 1.2333 was the high from July 10th.  If traders are intent on moving higher from here, I would expect those levels to be the lines in the sand for a Friday. The next stop above comes in at 1.2394-1.2404-06 (see chart below).   The 1.2394 is the 50% of the move down from the June high, the 1.2404-06 is low from June 28th (started a trend higher) and high from July 6th (started a trend lower).

Above that level the 1.2418 (on closer inspection – said 1.2325 in an earlier post). This is the trend line on the daily chart.

GBPUSD moves above 200 day MA

By | 2:03 pm | 0 Comments

The 100 day MA and 50% of the move down is next at the 1.5779-83. Sellers against the key level with stops above.  A move back below 200 dayMA a concern. In no where’s land between the two levels.   Although it is bullish above the 200 day MA, the key resistance just above can make longs happy but concerned….

EURUSD heads toward next target

By | 1:59 pm | 0 Comments

The EURUSD has taken another tiny step higher and looks toard the mid point of the move down in July. THat level comes in at the 1.23664 level.   Traders looking for momentum higher, will now use the 1.2323-33 area as support.    Let’s see what happens.

Merkel, Hollande ready to do anything to protect the EURO region

By | 1:17 pm | 0 Comments

Bloomberg reports.

Further say,

EU Institutions, states must meet commitments.

EURUSD pops on the headline and makes new highs

EURUSD fails below moves back higher

By | 1:09 pm | 0 Comments

The EURUSD fell below the 1.2282-86 support and reached the Asian session low but that was it. The price has rotated back higher on the disappointing attempt lower.  The choppy action has traders wondering if it is worth it. 

The range is 91 pips from low to high. I will continue to use the 1.2282-86 to define bias but not much confidence in the action from what I see so far. 

Dow futures are up 41. Nasdaq +19. Oil +19 cents. Gold up $7.

EURUSD moves below 1.2282-86 area

By | 12:43 pm | 0 Comments

The EURUSD is dipping below the 1.2282-86 area. 1.2286 was the low from June 1. 1.2282 is the 100 and 200 bar MA on the 5 minute chart today (1.2280 was the close yesterday).  Looking for momentum lower with the 1.2245-55 the next support area.

Better number has USDJPY moving higher

By | 12:38 pm | 0 Comments

Maybe I am grasping at a better number but GDP was not 1.1% (which was somes estimate).  The USDJPY is back above the 100 hour MA at the 78.205 level and that moving average is flattening – so bullish – but come on. THe 200 hour MA is at 78.46. The 38.2% of the move down from July 11 high to the low. The price has not been above the 200 hour MA since July 11.

GBPUSD keeps the 200 day MA in sight

By | 12:29 pm | 0 Comments

The 1.5742 is where it comes in. 50% of 2012 move and 100 day MA at 1.5779-833.  Those are the key topside resistance levels.  Stay below and could see profit taking on Friday. Move above and those key targets above will come in play. Don’t expect it to be easy sledding up to that level though as it is a key level (50% and 100 day MA that is).

EURUSD getting ready for the GDP

By | 12:22 pm | 0 Comments

The EURUSD has a little bit of everything for all. A little up, a bigger down, and an equal up.  The low corrected and found support near the 38.2% of the move up from yesterdays lows (1.2247 vs low of 1.22407.  The 1.2246-55 area has also been an area that has attracted energy during this months trading (see chart above).  I consider it to be a key level for traders today, through the GDP.  A move below and there should be some liquidation back lower. Before that level, the 1.2282-86 will give earlier clues for the pair. The 1.2286 was the low from June 1. The 1.2282 is where the 100 and 200 bar MA are found (see 5 minute chart)

On the top, we know the routine.  The price has the highs at 1.2323, 1.2328,1.2333 all lined up.  A break above those levels and the price looks toward 1.2366 which is the 50% of the trend move down from the end of June high (see chart below). The 1.2394 and 1.2306 is another target above (1.2394 is the midpoint from the June high).    1.2425  is trend line resistance (see chart below). 

REBROADCAST: The Traders Course with Greg Michalowski

By | July 26, 2012 11:30 pm | 0 Comments

REBROADCAST: The Traders Course with Greg Michalowski

When: Today at 4 PM ET

To watch the Rebroadcast: https://www1.gotomeeting.com/register/889339368

Topic: ”Back from whence we came.”

The EURUSD, GBPUSD and some of the other major currency pairs had a strong trend day today. In fact the move was some of the more powerful over the last year or so.  During the moves, the pairs revisited levels from whence the came last week.  How did those levels play a role in the move today and why?  How can you be aware and prepared for the next time.  To watch the rebroadcast, click on the link above.    Good fortune with your trading.

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