Good morning traders,

Yesterday we've seen a profitable jump for EURUSD sellers thanks to weak European PMI data. The price has stopped at 1.2975 area, which was suggested by a support trendline (marked red on the chart below):

Recent uptrend move on EURUSD, according to wave analysis, looks like a correction one. I expect to see more downside move on the pair with targets 1.295-1.293. This idea is actual till price stays below 1.305. Immediate resistance on tick chart is set on 1.3015.

Your comments are very welcome!

Have a safe trading,

Rao.

Views: 459

Comment by Rao Khassan on April 24, 2013 at 7:26am

EURUSD has gone below support trendline starting from yesterday low both on 5 min and tick chart.

Tick shows possible target for sells at 60. Please, remember daily pivot level at 1.2954 and weekly pivot at 1.2966.

Comment by Rao Khassan on April 24, 2013 at 8:33am

Hello Peter,

It's a pity you were out of sell... At least today wave down on weak european data was an expected move. I closed my sells at 58 and 61 - not the minimum price, but it's profit anyway, right? :)

I already did some scalp bying from 69 to 78 and now wait for further clues. EURUSD still has potential for developing its decline, and I'll look for entering buys above 1.299.

Comment by Rao Khassan on April 24, 2013 at 8:54am

Great, Peter!

A reverse back above 1.3 was practically immediate. I'm taking risky sell from 16 with tight sl and wait for some correction to enter long side as well...

Comment by Rao Khassan on April 24, 2013 at 8:56am

Comment by Rao Khassan on April 24, 2013 at 9:22am

Ideally I'd like to see EURUSD returns back to 1.3000-1.2998 before trying another move up. 

Comment by Rao Khassan on April 24, 2013 at 9:40am

Closed my sell from 3016 at 3001. At the moment EURUSD meets the area with loads of immediate support and resistance lines. As the most important one I see 2998.

Comment by Rao Khassan on April 24, 2013 at 9:40am

I'm buying from 1.3000 on lower volume, as there's still risk for the pair to try lower.

Comment by Rao Khassan on April 24, 2013 at 9:43am

Hehe Peter, Mr. Market had no reasons to obey me - but luckily he did it! :P

Comment by Rao Khassan on April 24, 2013 at 9:52am

If we get higher right from here, my further targets will be: 1.3026 - 1.3036 - 1.3042 - 1.3056

Comment by Rao Khassan on April 24, 2013 at 10:20am

I've got 34 as a high, two pips below mentioned 36. I partly closed long position at 28.

The latter move up extended bullish impulse, it's likely we're in correction mode back to 1.3010-1.2995 area.

Comment

You need to be a member of Forex Social Network to add comments!

Members

© 2018   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service

Offline

Live Video