Forex618.net Daily Currency report

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Daily Currency report for Monday March 26 2007

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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3420

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: A weekly "spike high" and a break below that candle today has placed a bearish emphasis on the euro, which could take the price substantially lower. Support comes in all the way between 1.3200 and 1.2900, and it is quite possible that we are heading to the lower part of that range. Because we are at historically very high levels and because we have seen relatively small moves for the past few weeks, the danger of a sudden slide is growing. Today, sell rallies to 1.3320/40 stops above 1.3350, or try small counter trend buys around 1.3250 with tight trailing stops.

Key G7 Resistance levels: 1.3330, 1.3420

"Set and forget" entry: BUY 1.3250, stop 1.3230, target 1.33.20. SELL 1.3320, stop 1.3365, target 1.3250

Counter-trend opportunities:N/A

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Tuesday March 27 2007

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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3420

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Up to 1.3340 as expected as people realise that the US housing numbers are not improving at all and that it might not be possible to hold/raise rates. Now things begin to get tricky as short term bullish momentum collides with weekly hesitation at historically extreme levels. Try small shorts at 1.3330, stops above 1.3360, targeting 1.3250. Exit here and watch for signs of basing again. Trading is not going to be easy as we approach month end, so trade with caution and consider standing aside if you can.

Key G7 Resistance levels: 1.3330, 1.3420

"Set and forget" entry: SELL 1.3330, stop 1.3360, target 1.3250.

Counter-trend opportunities:N/A

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Wednesday March 28 2007

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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3420

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: The euro has edged up slightly to 1.3360 after a very quiet day except in the cross rate markets. Although dollar weakness appears to be re-asserting itself against the Asian currencies, this is not the case in the majors. Our analysis therefore remains unchanged again: Now things begin to get tricky as short term bullish momentum collides with weekly hesitation at historically extreme levels. Try small shorts at 1.3350, stops above 1.3380, targeting 1.3250. Exit here and watch for signs of basing again. Trading is not going to be easy as we approach month end, so trade with caution and consider standing aside if you can.

Key G7 Resistance levels: 1.3370, 1.3420

"Set and forget" entry: SELL 1.3355, stop 1.3385, target 1.3255

Counter-trend opportunities:N/A

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday March 29 2007

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Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3420

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Dropping from 1.3370 as expected, and we have corrected 61.8% of the rally this week. There is a chance we will not drop lower than 1.3300 today and this is seen as an opportunity to buy euros again for a move to 1.3370. Remember that technical levels are not clear and the market is in ranging mode, so we will continue to look to buy low and sell high.

Key G7 Resistance levels: 1.3370, 1.3420

"Set and forget" entry: BUY 1.3320, stop 1.3290, target 1.3370

Counter-trend opportunities:N/A

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

G7 Trading by Forex-Science

Important:All trade ideas in this report should be read with our G7 trading system in mind, and traders should only enter the market when G7 trade entry setups are seen. For more information visit www.forex-science.com

Daily Currency report for Friday March 30 2007
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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3420

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: After being in an 80 pip range for three days, there is not a lot to add to the picture. Expect a large move today as we end the month, positions are squared, and a raft of US data is released later. The weekly picture continues to look bearish, but the overall trend is still upwards, so there may be opportunities to buy low or the sell high. Watch for signs of topping at 1.3380/1.3400 or signs of basing between 1.3250 and 1.3150, if we get a sudden move lower. It is probably best to wait this one out and to enter the market early next week after the month end move has settled down.

Key G7 Resistance levels: 1.3370, 1.3420

"Set and forget" entry: BUY 1.3200, stop 1.3130, target 1.3350. SELL 1.3370, stop 1.3430, target 1.3200.

Counter-trend opportunities:as above.

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

G7 Trading by Forex-Science

Important:All trade ideas in this report should be read with our G7 trading system in mind, and traders should only enter the market when G7 trade entry setups are seen. For more information visit www.forex-science.com

Daily Currency report for Monday April 02 2007

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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3420

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Difficult trading conditions as we oscillate around the top of the recent range and near long term resistance levels at 1.3400. Despite the previous week's "spike high" candle, last week's market did not follow through to the downside, and this means that there is now an equal chance of a move in either direction. It is worth remembering that we now begin a new quarter, so it is likely that we will begin to find a direction this week, especially with the jobs report being released on Friday. Continue to try shorts whilst below 1.3420, with a target near 1.3200. Above 1.3420 means we are moving higher to 1.3500 and 1.3700. Try selling on signs of topping at around 1.3390/1.3400, stops above 1.3420, with aggressive traders prepared to reverse to long at the same time for 1.3500.

Key G7 Resistance levels: 1.3370, 1.3420

"Set and forget" entry: SELL 1.3400, stop/reverse 1.3435, target 1.3200 or 1.3500.

Counter-trend opportunities:as above.

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Tuesday April 03 2007

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EUR/USD

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.3420

Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: No change after a 49 pip range yesterday: Difficult trading conditions as we oscillate around the top of the recent range and near long term resistance levels at 1.3400. Despite the previous week's "spike high" candle, last week's market did not follow through to the downside, and this means that there is now an equal chance of a move in either direction. It is worth remembering that we now begin a new quarter, so it is likely that we will begin to find a direction this week, especially with the jobs report being released on Friday. Continue to try shorts whilst below 1.3420, with a target near 1.3200. Above 1.3420 means we are moving higher to 1.3500 and 1.3700. Try selling on signs of topping at around 1.3390/1.3400, stops above 1.3420, with aggressive traders prepared to reverse to long at the same time for 1.3500.

Key G7 Resistance levels: 1.3370, 1.3420

"Set and forget" entry: SELL 1.3400, stop/reverse 1.3435, target 1.3200 or 1.3500.

Counter-trend opportunities:as above.

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Forex trading signals and instant alerts on Forex major currencies

USD/JPY

Weekly Trend direction: Bullish

Weekly trend reversal level: 117.40

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

Medium term: As our view for long term dollar weakness remains intact, we feel that 122.20 will cap rallies and initiate a drop back towards 105.00. Above 122.20 means that the dollar could rally much higher before a medium term top is formed.

Today's trade suggestion:No change: Despite a relative lack of activity in the other majors, the Dollar/Yen has rallied quite impressively, trying to squeeze back to the top of the original "bear flag" after a false break lower last week. This means that a) weekly momentum has reversed to bullish, and b) we must allow for a rally to 119.20 - 119.50 before a correction is due. This gives us the chance to trade in both directions, with sell signals near 119.00/50 leading to a drop to 118.50, and probably 117.70/118.00, where we can exit shorts and buy.

Key G7 Support levels: 118.50, 118.00, 117.70

"Set and forget" entry: BUY 118.00, stop 117.50, target 119.00

Counter-trend opportunities:SELL 119.00, stop 119.60, target 118.00

USD/JPY Hourly chart:

USD/JPY Weekly chart:

[forex618]

Daily Currency report for Monday April 09 2007

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EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3320

Strategy: Whilst above the weekly trend reversal level,buy dips to supportafter 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Down to 1.3350, which is first support, the 200 hour SMA and hourly trend line, after topping out at 1.3440. There is no clear evidence of basing here yet and there is potential for a drop back towards the bottom of the range near 1.3300 or 1.3250. Watch for clear G7 reversal patterns on the hourly chart, with a "spike low" or bullish engulfing candle before buying. Caution is required because, although weekly momentum is bullish, we have formed another small "spike high" on the weekly candle which may turn out to be a false break. Try small longs on signs of basing at 1.3350, stops below 1.3320, being prepared to re-buy at 1.3300/1.3250 after a G7 entry signal, stops below the entry candle. Target 1.3440 and then 1.3500.

Key G7 Support levels: 1.3350, 1.3300, 1.3250

"Set and forget" entry: BUY 1.3250, stop 1.3220, Target 1.3440/1.3500

Counter-trend opportunities:None

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Tuesday April 10 2007

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EUR/USD

Weekly Trend direction: Bullish

Weekly trend reversal level: 1.3320

Strategy: Whilst above the weekly trend reversal level,buy dips to supportafter 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 1.3600, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Back up to 1.3430 as expected, and probably going higher this week. Hold longs from 1.3350, with stops now at break even, with targets of 1.3440 and 1.3550 by midweek. Remember to keep stops trailing higher, as trading remains risky as we approach all time highs for the euro and some of the cross rates touch new record highs.

Key G7 Support levels: 1.3350, 1.3300, 1.3250

"Set and forget" entry: None

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart: