Euro/dollar closed the month with a bang, rising from the abyss to high levels as hope from the EU Summit took over any doubts. Are we set for more gains? Or will the rally fade out as in past summits. The rate decision is the main event of this week. Will the ECB finally cut rates?Here is an outlook for the upcoming events and an updated technical analysis for EUR/USD.

Germany…

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.2655 just under the day chart trendline @ 1.2685.  There is no real trend established and the latest move was fundamental in nature not technical.  If we break the top we are bullish to the R5 @ 1.2784 and then the -0.618 fib extension @ 1.2871.  A breakdown will target a move back to the .786 Fibo/ R1 @ 1.2468.  We need a pullback to establish the uptrend so expect that to be built before a break of…

                                                EUR/JPY

  Monthly. 253 Day Simple Moving Average: The current 253 day moving average is falling and now sits at 131.37. This average normally falls about 6-10 pips per day depending on the currency pair. Present prices are below this average so shorts remain long term.

  100 day Simple Moving Average: Currently falling now at 134.28 but sits above the 253 day average. This average falls normally double that of…

As a trader I always keep reminding myself to be humble .

If you are too proud and overconfident, you will make mistakes leading to your defeat.

There is always another day to trade.

Be humble , patient and discipline = SUCCESS

There are of course a few things to consider.

The eu summit of course

The New York session over the next days being thin due to the July 4th holiday In the USA this being a long weekend for many in America.

I trade asia for the most part and recently EJ has been good range trading both ways as it has been working out the larger trends.

Setting aside fundamental events for the moment

My view for this pair some while back has been that it would eventually…

Currently the pair is @ 1.5653 after the strong reversal last night.  Today is week end, month end and quarter end so this could be a big day as traders try and pad their clients’ accounts before squaring up.  BE CAREFUL!  Look for the move to go to the resistance @ 1.5703 and maybe the  R4 @1.5719.…

EUR/USD leaped around 200 pips on the announcements made in the EU Summit. The decision to give an equal status to the bailout funds and avoid the scenario of the Greek subordination is definitely good news. The direct bank recapitalization decision is still full of holes, big ones. There are quite a few indicators on the agenda, but the EU Summit digestion and another topic rule…

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I just travel from time to time with my family... so the only thing you have to do is to follow…

Italian 10 year govt bond yield 5.905%, off 29 bps

I found today to be a fascinating day and a real good reminder of why regardless of bias as traders we need to "just take the setups." In tonight's video I'll explain what another good friend taught me today by losing a trade using my charts... grab a cup of your favorite beverage, I think you'll really enjoy this :-)…

Once again, MahiFX.com doing a great job with infographics.... this company has brought fresh air to the Retail Forex industry with its informal way of doing things but at the same time extremely modern design.... this infographic shows different kind of trading styles and talks about a famous trader for each style covered .... as I said.... refreshing.

enjoy it…

Charles-Henri Sabet, founder of Synthesis Bank and acquired by Saxo Bank, is now leading this new Retail Forex Broker and he knows the industry extremely good, so be prepared to hear more about this firm: JFX.com.

Francesc

JFX.com‐ Jiffix Markets Ltd. In Cyprus strengthens its capital base and its Board of Directors.

Charles‐Henri Sabet, the founder of Synthesis Bank Geneva, at the…

Gold and silver didn't do much yesterday as gold edged up while silver slipped. The rise in U.S pending home sales index and U.S core durable goods as indicated in their respective reports, may have contributed to the rise in stocks and commodities prices. The EU Summit will start today. If there will be big headlines coming out of the Summit, it could affect forex and commodities markets. I suspect it will…

EURUSD has been in the downtrend since we projected on Jun 21st, the end of Elliotwave 4W correction and the breach below 200 Day MA. However, the downside momentum has been modest due to the Volume at the lowest Distribution level.

The downside projection continues with the…

Currently the pair is @ 1.0286 after bouncing on the trend wall.  Look for the move to go to the R3@1.0303 and then the.385 Fibo area @1.0335.  …

EUR/USD broke out of yesterday’s (June 27th) narrow range, as the market mood soured prior to today’s EU Summit. The European leaders have plenty of pressing topics to discuss, starting with the alarming fiscal crises in Greece and Spain. As with other grandiose meetings, there is a lot of skepticism if any concrete measures will be announced. There was more bad news as German CPI…

If the market has taught me anything - and it's taught me more then a few lessons over the years - it's that it usually does what you least expect it to do. So am I super bullish here - NO - which is another reason why I am expecting bullish move - Anyway here are the pivots and setups I see happening - Good luck - I hope it helps!…

AUDUSD

After bouncing and continuing higher from the pin bar we mentioned yesterday, the 1hr chart on the Aussie looks like the bulls are squeezing out the bears trying to take out the short term resistance at 1.0089.  Although the bounce off the oversold lows the other day has the presence of being more…

Hi Guys - this is my first post - please feel free to comment on my chart, and i'd like to see your charts as well please - i took the trade short at 1.2508, with a stop at 1.2535, and exited near support at 1.2448, there seems to be strong support there on the 4 hour so i took off …