Forex618.net Daily Currency report

[forex618]

Daily Currency report for Friday April 27 2007

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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: 1.3520

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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Although we have dropped to 1.3585, the euro has held up rather well in the light of the corrections taking place elsewhere. Our analysis has not changed: We may be able to push to a new all-time high this week, with a break above 1.3667 setting off a rally to 1.3700 and then 1.3800. Be prepared to buy dips to 1.3540, and probably just lower than that at 1.3480. Below here and we shall have to allow for a much more significant dip towards 1.3450 and maybe 1.3400, before new attempts to base.

Key G7 Support levels: 1.3540, 1.3490

"Set and forget" entry: BUY 1.3500, stop 1.3460, target 1.3700

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday April 30 2007

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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: 1.3550

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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: The euro made another fractional all-time high on Friday at 1.3680, but this was short lived and price action late in the day suggests that there is some instability at this level. Although we cannot rule out another surge higher (in fact this is a distinct possibility) trading will continue to be difficult as we push into extreme price levels. As and when a correction occurs, it could be dramatic, with a 3-5 cent drop quite likely. We will continue to trade within the bounds of our model, which remains bullish, with first support now at 1.3600, with better support at 1.3550 (the weekly reversal level) Continue to look for opportunities to buy dips to these levels, with a target of 1.3700 and maybe 1.3850. Below 1.3550, and we will allow for a sudden collapse to 1.3400.

Key G7 Support levels: 1.3540, 1.3600

Counter-trend opportunities:None

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Tuesday May 01 2007

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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: 1.3550

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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Edging higher again to 1.3680 after a brief intraday dip, and our analysis has not changed: Although we cannot rule out another surge higher (in fact this is a distinct possibility) trading will continue to be difficult as we push into extreme price levels. As and when a correction occurs, it could be dramatic, with a 3-5 cent drop quite likely. We will continue to trade within the bounds of our model, which remains bullish, with first support now at 1.3600 and better support at 1.3550 (the weekly reversal level) Continue to look for opportunities to buy dips to these levels, with a target of 1.3700 and maybe 1.3850. Below 1.3550, and we will allow for a sudden collapse to 1.3400.

Key G7 Support levels: 1.3540, 1.3600

Counter-trend opportunities:Watch for new signs of topping this week for opportunities to sell into a correction.

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Wednesday May 02 2007

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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: 1.3550

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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion:Dropping to 1st support and the weekly reversal level at 1.3550. It is likely that we will get a bounce from here back to 1.3600 and maybe 1.3620 - before down again to test and probably break below 1.3550 towards 1.3500 and 1.3400. This can be traded in both directions this week - wait for signals at each of the above levels before entering and be prepared to be nimble. In the end, 1.3400 (if seen) should offer strong support for an eventual re-challenge of this weeks highs.

Key G7 Support levels: 1.3540.

Counter-trend opportunities:Sell into rallies to 1.3600/20..

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday May 03 2007

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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: 1.3550

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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion:We managed a weak bounce from 1.3550 back to 1.3600, but so far it has been somewhat unconvincing. Our analysis has not changed - this bounce will probably fail at 1.3600 and maybe 1.3620 - before down again to test and probably break below 1.3550 towards 1.3500 and 1.3400. This can be traded in both directions this week - wait for signals at each of the above levels before entering and be prepared to be nimble. In the end, 1.3400 (if seen) should offer strong support for an eventual re-challenge of this weeks highs.

Key G7 Support levels: 1.3540.

Counter-trend opportunities:Sell into rallies to 1.3600/20

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Friday May 04 2007

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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: 1.3550

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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Failing at 1.3620 as expected and now trying to break lower below 1.3530. It looks as if this area might support again, but much will depend on the jobs report later today. Our analysis remains unchanged - watch for dips to 1.3500 (1.3400 MAX) before new attempts to form a good base for the next rally.

Key G7 Support levels: 1.3540.

Counter-trend opportunities:

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday May 07 2007

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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: 1.3700

Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance 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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion:Although we have not managed to break below 1.3550/30, last week's candle was marginally bearish and upwards momentum has slowed down considerably. First resistance now lies at 1.3600, with further barriers at 1.3650 and 1.3680. These are the levels we will look to sell into after a G7 entry signal is formed, with targets of 1.3550 and then, eventually, 1.3400. Above 1.3700 means that our long term target of 1.4100 may be within reach this month or early next.

Key G7 Resistance levels: 1.3600, 1.3650, 1.3680.

Counter-trend opportunities:None

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Wednesday May 09 2007

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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: 1.3700

Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance 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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: The euro has dropped to 1.3510, which is our first support zone. We continue to expect that a deeper correction is possible, with a target of 1.3400/1.3380, but remember that we remain in a long term uptrend, and a strong bounce from 1.3500 is quite possible. As yet there are no clear signs of basing here, and we will continue to watch for a "spike low" or an "engulfing pattern" before considering buying. If we do drop to 1.3400/1.3380 trend line and horizontal support), this will be an excellent opportunity to buy for an eventual re-test of 1.3680 and a new all-time high. For today, we prefer to wait for the outcome of the FOMC rates decision later on (or a much clearer reversal pattern) before re-entering the market. Resistance remains set at 1.3600/25 and we will also be watching for a bounce to this area, followed by a clear reversal, for opportunities to sell into a rally.

Key G7 Resistance levels: 1.3600, 1.3625.

Counter-trend opportunities:Buy 1.3400, stops below 1.3370

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday May 10 2007

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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: 1.3700

Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance 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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Not a lot of change after dropping back to 1.3520 after the FOMC minutes. It is now looking quite possible that we will hold above 1.3500 again, and it is worth trying small longs here, even though weekly direction is bearish. Below 1.3500, and it is probable that we will drop to 1.3400/1.3380 (trend line and horizontal support), and this will be an excellent opportunity to buy for an eventual re-test of 1.3680 and a new all-time high.

Key G7 Resistance levels: 1.3600, 1.3625.

Counter-trend opportunities:Buy 1.3520, stops below 1.3500

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Friday May 11 2007

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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: 1.3700

Strategy: Whilst below the weekly trend reversal level, sell rallies to resistance 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 1.3667, the multi-year high, and possibly higher still, towards 1.4100.

Today's trade suggestion: Lower slightly to 1.3450, but bearish momentum is surprisingly low and there is good support between here and 1.3400/1.3380. Even though weekly direction is bearish, we expect a strong bounce from here, and there are signs of basing on hourly charts even at this early stage. Try small longs at 1.3450, re-trying at 1.3400, with an initial target of 1.3550 and then another retest of the all time high at 1.3680. Below 1.3380 postpones all of this and we would then expect another strong decline towards weekly trend line support at 1.3150.

Key G7 Resistance levels: 1.3600, 1.3625.

Counter-trend opportunities:Buy 1.3480, stops below 1.3440. Be prepared to re-buy at 1.3400, stops below 1.3350

EUR/USD Hourly chart:

EUR/USD Weekly chart: