Today’s London session had proven to be ranging a good bit, with very little overall follow through of any moves. Even so, in this video we highlight how we used a drawn trendline break on the EUR/USD to build a trade plan. Correlation with the USD/CHF bouncing off it’s own trendline at the same time as the EUR/USD break was ideal confirmation of the break being legitimate. Then simply applying a Fibonacci retracement study from support at the 1.26 support area to the high of the break at 126.47, provided a nice 38.2-50.00% Fib entry zone of 1.2630-1.2625. This Fib zone was also the break area of the previous trend line which was an ideal situation of role reversal (resistance becoming support) along with the Fib level itself. Also it happened to be the Daily Central Pivot Point, and Weekly m3 pivot point. So lets see, break of all this resistance, following by a pullback/retest of this area which overlapped perfectly with the ‘ideal’ Fibonacci retracement zone.. Hmm, Yummy. Ultimately the EUR/USD returned to the 38.2 at 1.2630 then proceeded to immediately make it’s way to the 15m 200 EMA 50 pips away. Not an amazing amount of pips for a trade plan, but 50 pips for 20’ish pips risk (stop below the 78.6), right off support, works for me anytime. For a somewhat difficult London session take what you can get yes? FXBootcamp London Currency Coach- Christian Stephens
Although the EUR/USD managed a net move of just 2 pips from New York open to London close, there was an opportunity for a conservative and moderately profitable trade on the currency pair. Japanese yen strength, a theme seen broadly during today’s Asian session, returned at the start of the session, pulling the EUR/JPY pair down 100 pips. A weak British pound dragged the GBP/USD down nearly 200 pips following chancellor Darling’s pre-Budget report.
In this video, I have covered three different trading ideas that you can use over this next session. Take a look…
Todays EUR/USD price action offered something for bulls and bears alike. The biggest winners were traders who shorted the euro, which made a new 2010 low against the US dollar following S&Ps downgrade of Spain.
After sliding nearly 120 pips during today’s London session, the EUR/USD currency pair spent much of the New York session clawing back half of that drop. That euro recovery set up a 40-pip short trade, which came together during the hour before the London close.
The euro tumbled again today as eurozone debt fears lingered in global financial markets. The EUR/USD currency pair fell some 140 pips from New York session open to US equity market open, then clawed back about 100 of those pips before the London close.
Forex Technical Update 6/14/2010: forex trading, EUR/USD, EUR/GBP, USD/CHF, EUR/JPY, GBP/JPY, technical analysis FXTimes.com Fan Yang CTA Today, we have some further risk appetite mostly from the beginning Asian and European session. The moves were stalled in the US session. The EUR/USD rose above a declining channel, but still has not been strong enough to establish any bullish outlooks. The USD/CHF is starting to show some signs of bearish attempt, but there is a pullback in the US session. The EUR/GBP pair may also be in a wave c, but if the market continues to decline a bit more, it may signal bearish continuation. Finally I will take a look at the EUR/JPY and GBP/JPY pairs.
The euro found firmer footing today against multiple major currencies as the market awaits Wednesday’s vote by Greek Parliament on that country’s latest austerity package. The EUR/USD currency pair rose more than 120 pips from its New York session low before the end of the European trading day.
Patience, patience, patience. I will never stop to repeat this word. Today we had a flat morning (the second in a row) during the Webinar and then we took a nice pullback trade via Email Alert.
The EUR/USD currency pair rallied to match last week’s high in early New York session trading, then gave up those gains as the European trading day came to a close.