30th June 2009

EU the week ahead

24th June 2009

The pair managed to push above 1.4000 and found resistance at the double top area of 1.4134. tomorrow the FOMC meeting will reveal and put forth the interest rate statement. If things are EU bullish, buyers might bid up the price above the 1.4134 to retest the high at 1.4350 in days to come. If things do turn out bear, sellers will pressure price to retest the swing low again at 1.3800 and 1.3750

23rd June 2009

EU had build a base just above the 1.3800 area. Buyers had managed to push price up today. These are the possible R that the pair must go thru for further upside gains

EU the week ahead

19th June 2009

17th June 2009

The pair managed to hold above the important key support area of 1.3800/1.3730 after the BRIC summit.

15th June 2009

EU the week ahead

12th June 2009

the rally yesterday during the US session was cut short with price failed to close above the 1.4150 region in the H4 chart. This had given doubt to the rally and also as to where the price might head in near future. i expect price to range awhile until one of the SR levels is clearly taken out.
Resistance : 1.4150
Support : 1.3900

11th June 2009

The pair is now trading in the triangle, a break either way would give this pair a clearer direction.

Potential H&S in EU

A potential H&S pattern in EU is in formation now with shoulders at 1.4050 area and neckline at 1.3800. If we do observe a bearish turn at the right shoulder at 1.4050, price will target the neckline at 1.3800. If price do gets above 1.4050, the next resistance would be 1.4100 and 1.4250

EU update

As expected EU, made an effort today to test the support at 1.3850 and 1.3800. The pair managed to break through 1.3850 and found further support at 1.3800. A break below 1.3800 would expose 1.3734.

EU the week ahead

The rally in EU seems to have found resistance at 1.4350. The formation of the inverted hammer in the weekly chart might hint possible retracements.

5th June 2009

The ECB stepped in yesterday with interest rates unchanged at 1.00%, with trichet's statement of maybe putting a floor to rate cuts, the pair seems to have found a sudden shift in the bearish momentum prior to the interest rate statement. Traders might get the cue today from the all important NFP data in the US today. We might see further bullish momentum if the pair manages to break clearly above the 1.4350 level or bearish momentum if the pair does break below 1.4050.

Trade Setups 4th june 2009

This short was good for more than 40 pips, an entry after a slight retrace in the H1 candle would be good. The retrace will most probably up till the last support area.

4th June 2009 - Potential H&S pattern in EU

The close yesterday was kind of bearish for EU with the formation of an almost bearish engulfing pattern in the daily charts. Here we see a potential formation of the H&S pattern which signify a correction at the overbought area.

4th June 2009

EU retraces after touching the high of 1.4337 today. News regarding "no alternative to the dollar as world reserve currency" today helped to push the pair down from its overbought level. on thursday we will see data coming out from the euro zone with the much anticipated interest rate adjustment news, traders seem to be selling to protect their gains from any uncertainties that may bring from the news tomorrow. support at 1.4100 and 1.4050 area.

3rd June 2009

2nd June 2009

EU seems to have reached one of the prominent support for the downward correction at 1.4100. If this level were to be taken out the next support at 1.4050 would be targeted. A solid bounce from this area might give the pair another chance to touch the high at 1.4230.

1st June 2009

EU just broken away from an important resistance level of 1.4050. this further expose the next R at 1.4350 and 1.4700. Pullback towards 1.4050 might be a gd area for buyers to accumulate.