Forex618.net Daily Currency report

[forex618]

Daily Currency report for Friday July 20 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact
entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bullish

Weekly trend reversal level: 1.3590

Strategy: Whilst above the weekly trend reversal level,buy dips to support levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion: Little change after two full weeks of going nowhere. The euro appears to be holding up well above 1.3760, but bullish momentum has faded and the danger of a reversal between 1.3850 and the BIG number at 1.4000 is increasing. For today, the same old story - dips should hold well above first support at 1.3720 (1.3660 max). And then onwards and upwards to 1.3900 and 1.4000.

Key G7 Support levels: 1.3680, 1.3720

Counter-trend opportunities:SELL 1.4000, stop 1.4040, target 1.3800

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday July 23 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bullish

Weekly trend reversal level: 1.3740

Strategy: Whilst above the weekly trend reversal level,buy dips to support levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion: Edging higher but without any impetus and becoming dangerously overbought at levels never seen before for the single currency. The euro appears to be holding up well above 1.3760, but bullish momentum has faded and the danger of a reversal between 1.3850 and the BIG number at 1.4000 is increasing. For today, the same old story - dips should try to hold above first support at 1.3750 And then onwards and upwards to 1.3900 and 1.4000. Below 1.3740 means a weekly reversal and the risk of a significant collapse as weak longs who bought too high up begin to bail out.

Key G7 Support levels: 1.3750

Counter-trend opportunities:SELL 1.4000, stop 1.4040, target 1.3800

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Wednesday July 25 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bullish

Weekly trend reversal level: 1.3740

Strategy: Whilst above the weekly trend reversal level,buy dips to support levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion: A fractionally new high yesterday, but little change to the picture. Perhaps the news today will tip this one way or the other: Edging higher but without any impetus and becoming dangerously overbought at levels never seen before for the single currency. The euro appears to be holding up well above 1.3760, but bullish momentum has faded and the danger of a reversal between 1.3850 and the BIG number at 1.4000 is increasing. For today, the same old story - dips should try to hold above first support at 1.3750 And then onwards and upwards to 1.3900 and 1.4000. Below 1.3740 means a weekly reversal and the risk of a significant collapse as weak longs who bought too high up begin to bail out.

Key G7 Support levels: 1.3750

Counter-trend opportunities:SELL 1.4000, stop 1.4040, target 1.3800

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday July 26 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bearish

Weekly trend reversal level: 1.3860

Strategy: Whilst below the weekly trend reversal level,sell rallies to resistance levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion: A sudden plunge below the short term trend line was almost inevitable, after days of edging higher without momentum. Now we are testing the longer term trend line (see chart), but we expect that this will eventually give way as well, as the euro corrects towards first key support at 1.3680/60.(Thick red line) As weekly momentum is now bearish, we look to sell into rallies, with first resistance at 1.3780. It is possible to also take counter-trend long positions on clear signs of basing around the above-mentioned key support levels.

Key G7 Resistance levels: 1.3780

Counter-trend opportunities:Buy dips to 1.3660/80 only on clear signs of reversal.

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Friday July 27 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bearish

Weekly trend reversal level: 1.3860

Strategy: Whilst below the weekly trend reversal level,sell rallies to resistance levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion: Little change from yesterday and the strategy remains the same: Now we are testing the longer term trend line (see chart), but we expect that this will eventually give way as well, as the euro corrects towards first key support at 1.3680/60.(Thick red line) As weekly momentum is now bearish, we look to sell into rallies, with first resistance at 1.3780. It is possible to also take counter-trend long positions on clear signs of basing around the above-mentioned key support levels.

Key G7 Resistance levels: 1.3780

Counter-trend opportunities:Buy dips to 1.3660/80 only on clear signs of reversal.

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday July 30 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bearish

Weekly trend reversal level: 1.3860

Strategy: Whilst below the weekly trend reversal level,sell rallies to resistance levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion: Plunging towards support at 1.3630 (38.2% of the recent rally), the euro is very oversold and due a bounce. If a medium/long term top is in place at 1.3860 (the jury is still out on that idea) then we still expect a strong bounce to recover 61.8% - 78.6% of last week's fall. There is a good chance for a counter-trend trade at 1.3630, with long positions aimed at 1.3750, and even 1.3800 before new attempts at topping. Watch for rallies to that area this week, looking to sell into reversal signals if/when we get there.

Key G7 Resistance levels: 1.3700, 1.3750

Counter-trend opportunities:Buy at 1.3630, target 1.3700/3750.

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Wednesday August 1 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bearish

Weekly trend reversal level: 1.3860

Strategy: Whilst below the weekly trend reversal level,sell rallies to resistance levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion: Little change as the euro dithers above the 1.3600 level, but below resistance at 1.3720. Weekly momentum is bearish, which means we still look to sell into rallies, with 1.3720 now seen as an important intermediate top. (above here and 1.3800 should stop any rallies) Wave analysis suggests we still have another leg lower to go, which might take the euro down to 1.3550/70 (200 SMA, previous S/R and 50% Fib), where counter-trend longs might be a possibility. watch to sell at 1.3720, or to buy near 1.3550, only on clear signs of reversal. Below 1.3550 (unlikely on first attempt) means another drop to 1.3400/20. Watch here for a bounce.
Key G7 Resistance levels: 1.3720, 1.3800

Counter-trend opportunities:Buy at 1.3550

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday August 2 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bearish

Weekly trend reversal level: 1.3860

Strategy: Whilst below the weekly trend reversal level,sell rallies to resistance levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion: No change as the euro dithers above the 1.3600 level, but below resistance at 1.3720. Weekly momentum is bearish, which means we still look to sell into rallies, with 1.3720 now seen as an important intermediate top. (above here and 1.3800 should stop any rallies) Wave analysis suggests we still have another leg lower to go, which might take the euro down to 1.3550/70 (200 SMA, previous S/R and 50% Fib), where counter-trend longs might be a possibility. watch to sell at 1.3720, or to buy near 1.3550, only on clear signs of reversal. Below 1.3550 (unlikely on first attempt) means another drop to 1.3400/20. Watch here for a bounce. Patience is required this week, but it will pay off!

Key G7 Resistance levels: 1.3720, 1.3800

Counter-trend opportunities:Buy at 1.3550

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday August 6 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bearish

Weekly trend reversal level: 1.3860

Strategy: Whilst below the weekly trend reversal level,sell rallies to resistance levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion:Up to almost the all time high again at 1.3840, and a little higher than we had allowed for (1.3800) With a bit of luck, we will hold below 1.3850, but we must now allow for another spike through here just to rattle the uncertain. This is not an uncommon pattern, but caution is required as a new rally is certainly not out of the question. For today, whilst below 1.3850, the chance of another sudden drop is quite good and we look to sell into rallies/hold shorts from 1.3850 region, with a first target of 1.3720, and then 1.3620.

Key G7 Resistance levels: 1.3850, 1.3900

Counter-trend opportunities:Sell 1.3900/1.3920, stops above 1.3950

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Tuesday August 7 2007

Get our newG7 Forex system for yourself (FREE E-book!) www.forex-science.com

This is only a guide. Please refer to our specific entry signals for exact entries and stops. Please visit Forex trading signals and instant alerts on Forex major currencies for more information.

EUR/USD

Weekly Trend direction:Bearish

Weekly trend reversal level: 1.3860

Strategy: Whilst below the weekly trend reversal level,sell rallies to resistance levelsafter an entry signal.

Medium term: The euro has broken above the large flag formation which has dominated the technical picture in 2006. Now, whilst above 1.2900 (1.2800 max), the euro remains in an uptrend which is heading back towards 1.3800, and possibly higher still, towards 1.4100.

Today's trade suggestion:Little change as we consolidate below 1.3840. There are signs across the board that a significant dollar rally is possible this week, so our analysis and strategy remains unchanged: With a bit of luck, we will hold below 1.3850, but we must now allow for another spike through here just to rattle the uncertain. This is not an uncommon pattern, but caution is required as a new rally is certainly not out of the question. For today, whilst below 1.3850, the chance of another sudden drop is quite good and we look to sell into rallies/hold shorts from 1.3850 region, with a first target of 1.3720, and then 1.3620.

Key G7 Resistance levels: 1.3850, 1.3900

Counter-trend opportunities:Sell 1.3900/1.3920, stops above 1.3950

EUR/USD Hourly chart:


EUR/USD Weekly chart: