Posted by admin on June 7, 2010
Good day traders!
Hope you guys have been shooting some nice pips last week. This morning, I opened my laptop at 12.00 noon and suddenly I saw a new drop was recorded at 1.18965. To be frank, I’m quiet surprise as I thought 1.2000 would be a strong support for the pair. But it didn’t happened.
Now, the pair has ultimately break my second support line which was at 1.19861. It is now approaching my third strong support line at 1.18227.
Technically the pair is still bearish both on medium and long term. A return to the 1.2000 line is now unlikely to happen. I would prefer to sell rallies on.1.19669 but then again only a significant fundamental news would pick the pair to the upside.
So what’s next? It’s monday and I’m still on bearish. I would love to see the pair taking some bull moves now and then sell on rallies. But then again, hope is not valid in Forex. I think, I’ll just sit back and read some fundamental before taking any open position.
Posted by admin on June 4, 2010
Good day traders!
I know my post is just too late to publish. I’s so addicted to trading that sometime I forget to update my own blog! Sorry guys. But if you follow my trading strategies, I believe it haven’t change much.
On my last post, I said that the pair is going towards 1.2000. As I’m writing, the price had already passed the 1.20138 and look strong to hit the psycho line, 1.20000.
My H4 and D1 chart shows more bearish to come. But please be careful as the 1.2000 proved to be a strong support line. Last time I remember the pair hit the price at December 2003. And it did revisited the price back in May 2004, and since has showed a strong bounce towards the high of 1.35 and ultimately 1.6.
Draw you lines carefully. Draw your Fibo correctly.
Happy trading!
Posted by admin on June 1, 2010
Good day traders!
It looks like I missed the train already. A good short opportunity was found at 1.22500, towards the 1.22150 and 1.21592 line. Currently the price is moving at the 1.21390 level and more weakness should be soon.
I’m looking forward for another short from this line towards the 1.20138 and eventually the psycho line at 1.20000.
On the upside, only a break above the 1.23000 could convince me to do so. If not, I rather wait for any selling rallies to happen.
Below is my H4 and H1 chart for your reference.
Posted by admin on May 26, 2010
Good day traders.
Italy announced yesterday that they would cut spending by 26 billion euros, despite their claiming of being safe from the Greek crisis. This has indeed stop the bullishness of the EURUSD pair thus adding more weakness to it.
On the H4 chart, its more weakness to be seen. This morning, the pair had initially tested the 23.6 resistance line but had not successfully break it. The 1.25000 line has proved to be a very strong resistance line recently. I believe it the price would ever break the line, it will push the pair higher. But, at this point, I can’t see the pair breaking even the 1.2400 line.
H4 and D1 RSI showed more bearish from this pair.
My strategy would be to sell below 1.23000 (which is now!) and targeting the 1.22500, 1.22150 and 1.21592. I will only buy if the pair break the 1.24000. Else, I prefer to sell.
Posted by admin on May 24, 2010
Good day traders!
The pair hit the high of 1.26719 but closed the weekend at 1.25461. If you guys did take your buy last week, you have at least bag a 125 pip all the way up 
.
Looking at the chart, I believe there are more bull to come. But the lines have become tighter. First take would be a buy on 1.25225 break and consider closing at 1.26000 or at 50.0 fibo line (1.261710). A more aggressive trader can open another position at 1.2620 and consider a Take Profit at 1.27006.
On the downside, a break below the 1.24832 would take the price dip into the 1.24474, 1.24000 and ultimately the 23.6 Fibo line at 1.23668.
Both H1 and D1 RSI are pointing at more bearish signal.
My strategy would be looking for any opportunities to buy, although it will only bring a significant 30 -40 pip and wait for the sell rallies to happen. And I will also be keeping my stop loss tight, very tight…
Happy trading!
Posted by admin on May 21, 2010
Good day traders.
The pair recorded a high of 1.25961 yesterday, something that I didn’t expect to happen in near future. The 1.25000 round number and the 38.2 Fibo line was broken easily yesterday. A more bullish momentum should be seen in today’s trading. The question is, what cause this?
Fundamentally:
Traders are citing the cause for the reversal in the Euro as two key events. The first was the huge amount of shorts in the market. The second was a slightly positive reaction to moves by European Union government officials. Although no solid “intel” has come out of the not so secret meeting being held by the EU nations, traders reacted today as if “no news is good news” and covered their short positions. Rumors circulated throughout the day about a secret meeting of the European Central Bank. Since an aid package has already been proposed, some traders are surmising that an interest rate cut to zero or an intervention may be being considered. An intervention doesn’t make sense because buying one’s own currency is usually met with equal or greater selling pressure. An interest rate cut to zero will help provide liquidity to the Euro Zone but at the same time signal that the ECB believes there will be no growth in the economy.
Technically:
Note on the weekly chart that we have a potential hammer candle forming, which needs a weekly close to confirm its validity. The implication of this pattern is that it is a bottom reversal signal and its presence is a sign of a loss of downside momentum, which has culminated in the current corrective recovery. Though the 1.2520 level, its May 06’10 low is now providing support, I expect that level give in and set off further strength towards the 1.3000 level ahead of its May 10’10 high at 1.3093. Its daily RSI is supportive of this view.
Expect a more bullish move today and maybe the following week. Remember to put a tight stop loss.
Posted by admin on May 20, 2010
Guys, sorry for the late analysis. Just coming back from Shah Alam. It’s my sister’s convo 
.
A short analysis should do.
Yes, we see the bull starting to take it steps in the early hours of trading. This is due to the announcement from the ECB that they are prepare to defend the Euro. Well, its about time..
i saw the price went to 1.24365 and I think its the highest for today. For now, I believe the pair is in BEARISH mood, and looking forward to hit the 1.22682 level soon. A break at that level will push the pair straight to 1.2190 and eventually the 1.2000 level.
Happy trading guys! Its bear all the way!
