Forex618.net Daily Currency report

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Daily Currency report for Monday May 14 2007

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EUR/USD

Weekly Trend direction:Bearish

Weekly trend reversal level: 1.3628

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 found support at 1.3460 as expected, and has now bounced fairly strongly back to 1.3550, which is 38% of the decline from the recent high of 1.3680. Whilst weekly momentum is bearish, long term momentum remains bullish, and this means that direction this week is still up for debate. We will continue to look to sell into rallies whilst below 1.3630, with first resistance at 1.3550, and probably stronger resistance at 1.3600. Wait for a clear G7 reversal signal before selling. Counter trend long trades may also be taken lower down if we get a new leg down to 1.3400/1.3370.

Key G7 Resistance levels: 1.3600, 1.3550

Counter-trend opportunities:BUY at 1.3400, stops below 1.3350, target 1.3500

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Tuesday May 15 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: 1.3628

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: No change after an incredibly quiet day yesterday. (The 14 day ATR is the lowest is has been for over 10 years, so expect some explosive movement soon)) The euro found support at 1.3460 as expected, and has now bounced fairly strongly back to 1.3550, which is 38% of the decline from the recent high of 1.3680. Whilst weekly momentum is bearish, long term momentum remains bullish, and this means that direction this week is still up for debate. We will continue to look to sell into rallies whilst below 1.3630, with first resistance (and 200 hour SMA) at 1.3550, and probably stronger resistance at 1.3600. Wait for a clear G7 reversal signal before selling. Counter trend long trades may also be taken lower down if we get a new leg down to 1.3400/1.3370.

Key G7 Resistance levels: 1.3600, 1.3550

Counter-trend opportunities:BUY at 1.3400, stops below 1.3350, target 1.3500

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Wednesday May 16 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: 1.3628

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: We moved up to weekly resistance at 1.3620 in one hour and then stopped dead. It is worth trying small shorts here, with a target of around 1.3350 before a new medium term base is formed. Above 1.3600 means we will expect another leg higher to the recent all time high at 1.3680, and probably a bit higher for good measure, before renewed attempts to top.

Key G7 Resistance levels: 1.3615

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday May 17 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: 1.3628

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: Down to 1.3520, and momentum remains bearish. We should now be able to hold below 1.3560/80 to set up for the next leg downwards to 1.3400/1.3360. Trading this month has been fairly messy, so we may have to continue like this for another few days. Allow for a lot more work between 1.3520 and 1.3580, with a break below 1.3500 setting off the move downwards. If we do manage a close above 1.3580, this means that a new interim low is already in place above 1.3500, and a new all-time high is on the cards. For today, hold shorts from 1.3600, with stops at breakeven. The target is 1.3400.

Key G7 Resistance levels: 1.3615, 1.3570

Counter-trend opportunities:None

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Friday May 18 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: 1.3628

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: Edging lower despite attempts to base at around 1.3480. Today the euro will probably move lower still, as low as 1.3400 - 1.3360, perhaps forming a "spike low" in the process. This will be a good time to buy euros for a strong bounce higher, and perhaps a rally to form a new all-time high. If you are still short, hold your position with lowered stops, being prepared to exit and reverse on a clear signal at the aforementioned levels. A move above 1.3560 cancels this scenario, and means we already have a new interim base in place.

Key G7 Resistance levels: 1.3560

Counter-trend opportunities:BUY near 1.3400/1.3360 on signs of basing

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday May 21 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: 1.3610

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: We managed to base around 1.3470 on Friday as expected, but the rally from there has been weak and muted, with little support from the other majors. Weekly momentum remains bearish and this leads us to believe that rallies will be opportunities to sell euros, for another stab lower, possibly to 1.3350 - a good place to exit and reverse positions to long. In order for this scenario to work out, the euro should ideally hold below 1.3540/60, but we will allow for rallies as high as 1.3600 before completely abandoning the idea. For today, wait to sell at 1.3540, stops above 1.3570, with a target of 1.3400, where we will look to exit and reverse.

Key G7 Resistance levels: 1.3540/60

Counter-trend opportunities:BUY near 1.3400/1.3360 on signs of basing

EUR/USD Hourly chart:

EUR/USD Weekly chart:

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Daily Currency report for Tuesday May 22 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: 1.3610

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 again to 1.3430, but this gradual decline in the majors does not look like an impulse move and it is only a matter of time before a sudden large rally. We should try to base between 1.3430 and 1.3350, but it is hard to tell exactly where, due to the sporadic and corrective-type decline taking place. For today, we will hold onto longs taken near the bottom of yesterday's dip, but be prepared to re-buy between 1.3400 and 1.3350 (major support) if stopped out. Target is 1.3560 and probably 1.3600.

Key G7 Resistance levels: 1.3540/60

Counter-trend opportunities:BUY near 1.3400/1.3360 on signs of basing

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday May 24 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: 1.3610

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: Whipsaw price action yesterday saw the euro drop to 1.3410, then rally to 1.3500, before dropping back to 1.3450. This means that, despite the price movement, we are back where we started and the overall technicals remain unchanged: Despite a bearish weekly direction, we remain at the lower end of the range and near very key support, with a clear "Doji" candle on the daily charts. This means that the price will probably stabilise between 1.3400 and 1.3550, before a new rally. For today, be prepared to re-buy between 1.3430 and 1.3350 (major support). Target is 1.3560 and probably 1.3600.

Key G7 Resistance levels: 1.3500/60

Counter-trend opportunities:BUY near 1.3430/1.3360 on signs of basing

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Friday May 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:Bearish

Weekly trend reversal level: 1.3610

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: No change since yesterday at all, as we try to base (unconvincingly so far) above 1.3410. Despite a bearish weekly direction, we remain at the lower end of the range and near very key support, with a clear "Doji" candle on the daily charts. This means that the price will probably stabilise between 1.3400 and 1.3350, before a new rally. For today, be prepared to re-buy between 1.3430 and 1.3350 (major support). Target is 1.3560 and probably 1.3600.

Key G7 Resistance levels: 1.3500/60

Counter-trend opportunities:BUY near 1.3410 on signs of basing

EUR/USD Hourly chart:

EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday May 28 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: 1.3531

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: Volatility in this market is almost at a record low, so it's no wonder that we at the same place we were most of last week, and the analysis has not changed. W continue to try to base (unconvincingly so far) above 1.3410. Despite a bearish weekly direction, we remain at the lower end of the range and near very key support, with a clear "Doji" candle on the daily charts last week. This means that the price will probably stabilise between 1.3400 and 1.3350, before a new rally. For today, be prepared to re-buy between 1.3430 and 1.3350 (major support). Target is 1.3560 and probably 1.3600. Note that volatility is cyclical, so expect an increase in daily trading ranges soon!

Key G7 Resistance levels: 1.3500/60

Counter-trend opportunities:BUY near 1.3410 on signs of basing

EUR/USD Hourly chart:

EUR/USD Weekly chart: