Currently we are at 1.3402 in a rising wedge which is bearish for the pair.   A couple of different scenarios.  1:  a move to the lower chart trend line and bounce creating a head and shoulders top  2: A break down here to the 0.618 Fibo @1.3187.  The average daily true range (ATR) for the pair currently is 110 pips.

I'm really sad to see the degree of feuding going on on this site.  There are many learned and brilliant minds here, each offers a very different insight and perspective of the market.  

Disagreements of trading strategy or call for the market direction are inevitable, as we all have our own trading styles. I prefer my trading strategies have good math foundation, and evaluate/verify them with plenty back testing. 

I'm not following all the posts every day, so I'm not sure how…

EURUSD reached new high yesterday so we assume that wave 4 is already complete and that wave 5 is underway which has room for further gains, towards 1.3500 in sessions ahead. Meanwhile 1.3318 support must hold, otherwise we would assume that top is in place. From a larger perspective we need to keep in mind that wave 4 was a triangle and that triangle always occur prior to the final move of the larger pattern, which means that current leg up will sooner or later complete a bullish…

UBS - "EURUSD BULLISH The pair posted a new high and is approaching the resistance at 1.3520 ahead of 1.3711. Support is at 1.3319.

USDJPY BEARISH The weakness since mid-May is approaching the significant support at 93.57. A closing break below this would be further negative opening 90.43. Resistance is at 96.10.

GBPUSD BULLISH As the bull trend persists any downside will be limited with a strong support at 1.5468. Broader focus is on the strong resistance at 1.5789; a closing…

Societé Generale - "As we head into midyear, the year-to-date change in EUR/USD has shifted back into positive territory. We see this move driven by two forces essentially: short covering, through a broad and deep position cleaning in early June; an upward repricing of forward EUR short-term rates, after Draghi in early June poured cold water on hopes of deposit rate cuts. This makes me think of January, when fears of evaporating liquidity cause a broad repricing of the Euribor strip,…

USD pairs are still pending a clear direction.  Early indication from Tuesday intraday trading indicates continued weakness but there are strong Support/resistance levels ahead. Next couple of days will be critical to determine a clear direction



USD/CAD has been ranged bounded few days. Overall sentiment about USDCAD remain Bearish. Currently USDCAD is completing it corrective move so look out of sharp Short…

eur/usd   buy  3439    buy    3342

gbp/usd  buy  5715    buy  5558

aud/usd   buy  9525    sell  9428

usd/jpy   buy  9581   buy  9470

dow 30   buy  15402   buy  15233

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Instrument Trend Recommendation 19-6-2013

EUR/USD Sell below 1.3395TP1.3350/25,SL1.3420 BOB 1.3430

GBP/USD Sell below1.5645,TP1.5610/5580 ,SL1.5660 ,BOB1.5675

GOLD Buy above 1364,TP1370/75,SL1359,BOS1355

USD/JPY Buy above 95.15TP95.70/96,SL94.80 BOS 94.75

Important news; FOMC Statement at 11pm

At USD/EUR 1.34, for Germany, imports are up, and exports are down.  Will the ECB and the Bundesbank, both located in Frankfurt, take notice?

Recommendations: LONG positions above  1.3385 with 1.3430 & 1.3460 as next targets.

Alternative scenario:The downside breakout of 1.3385 will call for a slide to 1.3335/1.3290

Description: The pair trades above its support 1.3385, as long as this level holds,look for further upside gains towards 1.3430 & 1.3460 levels, an hourly close below 1.3385 would delay the bullish move but downside below 1.3385 is likely to be…

Better than expected ZEW for Germany, helped EUR a lot to make a new top at 1.3415, but it is necessary to say that the EUR tested the support at 1.3330 several times yesterday. This means that 1.3320-30 area is now a very important area and if it is broken to the downside that will mean another 150 pips down. On Daily we can see the high price level consolidation and that we are closer and closer to a correction lower.Usually consolidations like this one end up with a big bearish candle of…