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eu 18/05/2010

2010-05-17T22:54:00.001-07:00

EUR/USD intraday: rebound

Pivot: 1.231

คำแนะนำ : Long ที่ระดับเหนือ 1.2310 targets @ 1.2500 & 1.2580

หากราคาลงต่ำกว่า 1.2310 เป้าหมายด้านล่างคือ 1.2235 & 1.2080

ข้อสังเกต : RSI เป็น bullish และกำลังมีทิศทางขึ้นต่อ

Key levels
1.2635
1.2580
1.2500
1.2395 last
1.2310
1.2235
1.2080

eu 18/05/2010

2010-05-17T22:53:00.001-07:00

Forex Signals - EUR/USD Bulls Stirring
Signal posted on May 18, 2010, at 4:33 am GMT

Recap: I took two trades yesterday, while I did not take the one that most other PipHutters took (and profited off) – the short from 1.2400. The shooting star at 13:30 on the 30m chart didn’t offer a good enough risk/reward for me to take. However I did take a short very early yesterday (noted in the comments) on the bearish break of 1.2330 for 80+ pips and then another short on the recent failure of 1.2400 again for another 60 pips. Both of them had confirmation, offered at least a 2:1 risk/reward ratio and were with the trend.

Daily Outlook: While the medium- and long- term trends are still strong to downside the bulls are showing a little rumbling of life here as they’ve found a rising trend support on the 1h (bottom blue line on chart) that forms a nice triangle pattern with the falling resistance. 1.2234, yesterday’s low, is the lowest the pair has been since 2006, and we now have 1.2300, 1.2170 and eventually 1.16 in our sights. Some analysts are predicting parity (1.00) by the end of 2010.

We have a few news items tomorrow (see forex calendar) with German data which is expected to be positive. This might be the excuse bulls are looking for to drive the price up a bit more before we begin our downward descent.

Trading Idea: My primary strategy will be to continue selling on rallies – a very profitable strategy over the past several weeks now. 1.2440 and 1.2500 both offer areas to look for selling if we see a retracement. Short targets from 1.2440 are 1.2415, 1.2390, 1.2360, 1.2330 and 1.2305 for 135 pips profit.

Secondary trade is a short on a sustained break of the bottom rising trend support (currently at 1.2310) with short targets down to 1.2285, 1.2255, 1.2225 and 1.2200.

Be careful though and wait for confirmation! There is a very bullish hammer on the daily chart that could bring bulls out of hiding.

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2010-04-25T21:10:00.000-07:00

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