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2007 May

May 21st, 2007 @ 2:36 am by Bogdan Parascanu

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EUR/USD Technical View

After a failed attempt to push higher on Monday and Tuesday, Euro didn’t manage to stay above the 1.3600 level and retested May 10th support at 1.3459 only to bounce back above 1.3500. As we can see on the weekly charts the price action was undecided and we stayed inside the previous weeks trading range, the only clear thing established was a reinforcement of the 1.3630 and 1.3459 areas as a resistance and support zones respectively. A break out above or bellow the mentioned levels would certainly be in the cards on the following week, getting bellow 1.3459 would open up December 3rd high of 1.3364 as a target followed in closely by the 1.3300 round number and January 7th high. If Euro is going to gather some strength in the next couple of days we might see another push towards the 1.3610/30 resistance area and once there we can see the 1.3680 YTD becoming a target for longs. We will closely monitor the situation in the following days also on the lower timeframes looking for possible signs of strength or weakness for both longs and shorts.


Resistance Levels

  • 1.4532 – March 2005 High
  • 1.3668 – December 2004 High
  • 1.3630 – May 7th High
  • 1.3523 – April 16th Low



Support Levels

  • 1.3459 – May 10th/11th Lows
  • 1.3365 – December 3rd High
  • 1.3300 – January 7th High
  • 1.3260 – February 27th High Read the rest of this entry »
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May 18th, 2007 @ 4:54 am by Bogdan Parascanu

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EUR/USD


Euro slipped under 1.3500 in yesterdays trading session but only got as low as 1.3475, 15 points above the support levels established on May 10th at 1.3459. Getting under the 1.3459 support might trigger more downside pressure on the pair which will open up December 3rd high of 1.3364 as a target and once there we will analyze the continuation potential. If on the other hand euro doesn’t manage to get bellow the current trading levels, and if we consider the slightly oversold conditions on the 4hr and daily charts, we will have to pay attention to future resistance as the pair might reverse the move from the last couple of days. The closest resistance is the 1.3523/50 zone, once above it May 16th high of 1.3610 and May 7th high of 1.3630 are the intermediary resistance zones until the 1.3668/80 YTD high.


Resistance Levels

  • 1.4532 – March 2005 High
  • 1.3668 – December 2004 High
  • 1.3630 – May 7th High
  • 1.3523 – April 16th Low

Support Levels

  • 1.3459 – May 10th/11th Lows
  • 1.3365 – December 3rd High
  • 1.3300 – January 7th High
  • 1.3260 – February 27th High

eur-may-18-07.gif

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May 17th, 2007 @ 3:49 am by Bogdan Parascanu

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EUR/USD


Euro formed an outside bar yesterday, taking out both of Tuesdays high and low, it didn’t manage to reach the 1.3630 level on the high side but it got under the 1.3523 support only to stop at the 1.3500 round number. Once again we are trading around the 1.3523/1.3550 zone and we have to wait for price to break through either side in order to have a much clearer view of things to follow. On the down side we now have yesterdays low of 1.3500 as closest support followed by May 10th/11th lows of 1.3459, if these two levels fail to hold the pair next strong support is December 3rd high of 1.3365. If the current levels the price is at hold and we get another push north first targets would be 1.3610 and May 7th high of 1.3630, if those are cleared we can expect another try at the 1.3668/80 YTD highs.


Resistance Levels

  • 1.4532 – March 2005 High
  • 1.3668 – December 2004 High
  • 1.3630 – May 7th High


Support Levels

  • 1.3523 – April 16th Low
  • 1.3459 – May 10th/11th Lows
  • 1.3365 – December 3rd High
  • 1.3300 – January 7th High
  • 1.3260 – February 27th High

EurUsd Daily Chart

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May 14th, 2007 @ 12:36 pm by Sunil Mangwani

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Our third FX Instructor video demonstrates the use of our FXI Divergence Detector indicator during a Live Trading Room session. The indicator is designed to visually indicate divergence and hidden divergence.

Be sure to subscribe to our YouTube channel to be notified of any future releases!

[youtube]http://www.youtube.com/watch?v=AeNdMhY3LG0[/youtube]

Stay tuned for future video releases by FX Instructor!

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May 14th, 2007 @ 3:42 am by Bogdan Parascanu

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EUR/USD
Euro showed some clear signs of weakness against the US dollar this week, as did the other majors. With an undecided price action move on Monday, euro fell sharply on Tuesday consolidated under the 1.3550 level on Wednesday only to continue its south journey Thursday making a low of 1.3560. Thursday May 10th low of 1.3560 was also the low for the next day when the US dollar strength just disappeared and EurUsd retraced close to the 1.3523/50 resistance area. If the down move is to continue price needs to break bellow the 1.3560 level and start heading towards December 3rd high of 1.3365 where the next support level is, bellow that we can see January 7th high of 1.3300 and February 27th high of 1.3260 as strong support which might revert the down movement. If on the other hand Friday’s bounce of the lows is not just a retracement of the euro fall, but it proves to be the beginning of another push north we have our sights set on 1.3630 as first target and above that on the YTD high of 1.3680.



Resistance Levels

  • 1.4532 – March 2005 High
  • 1.3668 – December 2004 High
  • 1.3630 – May 7th High
  • 1.3523 – April 16th Low


Support Levels

  • 1.3459 – May 10th/11th Lows
  • 1.3365 – December 3rd High
  • 1.3300 – January 7th High
  • 1.3260 – February 27th High

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May 13th, 2007 @ 12:40 pm by Eugene Teplitsky

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Here are several webinar sessions we have coming up in the near future, on FXStreet.com. Be sure to visit their Live Sessions page on FXStreet.com to see what is coming up.

Date: Tuesday, May 15, 2007 (repeats on May 22, May 29)
Time: 8.30am to 9.45am EST
Topic: Trade the 200MA strategy in the FxInstructor Live Trading Room
Instructor: Sunil Mangwani
Description:

The 200MA strategy is a technique to get high probability trades in the direction of the trend. This simple strategy uses two unique time frames with the 200MA to get precise entry points in a trend.
This strategy is very easy to follow with precise rules for entry, stop and exits, and hence has a good success ratio.
But only learning an effective technique is not enough. A trader must build a complete trading plan for the technique, and identify situations to correctly trade this technique.
In the second part of this free webinar series, we will identify setups in the live market, and trade these setups with a well defined trading plan.


Date: Wednesday, May 16, 2007
Time: 10.00am to 10.45am EST
Topic: Applying Money Management Rules
Instructor: Mihai Marinescu
Description:

Money/risk management is a crucial part of being a successful trader. Without good money management, your profits can easily turn into losses, and your account can crumble away without proper discipline. In this special FXStreet presentation, you will see:
– How to integrate money management rules with a trading strategy
– Presentation of the strategy
– Psychological aspects and conclusions
We believe this is a very important lesson and invite traders of all levels to participate.


Date: Thursday, May 17, 2007 (repeats on May 31)
Time: 10.00am to 10.45am EST
Topic: (Premium FXStreet Webinar) Trading the Andrew’s Pitchfork with advanced techniques.
Instructor: Sunil Mangwani
Description:

The Andrews Pitchfork or the Median Line method is basically a trend line system which is used in a trending market to visually calculate a target.
According to Andrews, the purpose of the median line is to determine the trend.
The most important part of this concept is that prices typically make it to the median line 80% of the time, and the developing trend should be contained within the upper and lower lines.
This, by itself, is a powerful factor which enables a trader to visually estimate where price would most likely encounter support or resistance.
We take this highly effective concept one step further, and add some filters to obtain precise levels for entry, stop and exit, and also build the correct money management principles for it.


More sessions will be announced as they come available. We look forward to seeing you there!

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May 10th, 2007 @ 4:14 am by Bogdan Parascanu

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EUR/USD

Euro, again, traded inside a very small trading range yesterday and so far today it stayed pretty much in the same range, not being able to get bellow Tuesday’s low of 1.3510 the down move has clearly lost some of its power. Like we said in our previous commentaries not clearing the current levels and not breaking the support at 1.3523/50 might signal a potential reversal to a more bullish development; if that is the case we have to pay attention to May 7th high of 1.3630 as first resistance followed in closely by the 1.3668 level which has been the main resistance against price making new historic highs. If on the other hand price slips bellow the current support zone and takes out May 8th low of 1.3510 we have the March 2005 high of 1.3483 as a possible target, then March 21st high of 1.3410 and December 3rd high of 1.3365 as significant support zones, as price gets to each of these levels we will reassess the situation and act accordingly.


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May 9th, 2007 @ 3:18 am by Bogdan Parascanu

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EUR/USD

Euro broke the 1.3590 level we mentioned yesterday and we had an above average trading day yesterday with price getting as low as 1.3510. If the pair manages to keep what appears to be a down momentum we can see lower levels in the coming days but if we look at the daily and 4hours charts we can see that it has to clear some important support zones in order to get any lower. First it has to get bellow the 1.3523/50, yesterday it got a little bit lower but it lacked the strength to close near 1.3500; so if EurUsd gets bellow current levels we can see March’s 2005 high of 1.3483 becoming a plausible target, after that we have the 1.3410 high made on March 21st and December 3rd 1.3365 as support zones which could slow the potential down move or even send the pair higher up. Not clearing the current levels on a down move might signal a potential reversal for another push towards and above 1.3668, before the pair gets there it has May 7th high of 1.3630 as intermediary resistance.

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