Forex618.net Daily Currency report

[forex618]

Daily Currency report for Friday Jun 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: 1.3570

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: Very slow work, but perhaps 1.3280 is going to hold. We need a strong rally today to create a weekly reversal candle, and ideally we will move back up to 1.3380/1.3410 (a strong resistance zone) before the close of play this afternoon. We still won't rule out a final dip to 1.3220, (Observe trend line and Fibonacci support on the weekly chart) and we will be ready to re-buy at these lower levels if seen. If and when we do reach the general zone around 1.3400, we will be watching for opportunities to sell into the rally.

Key G7 Resistance levels: 1.3380, 1.3410

Counter-trend opportunities:Buy between 1.3280 and 1.3220 on signs of reversal.

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday Jun 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:Bullish

Weekly trend reversal level: 1.3250

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

Today's trade suggestion: We held above 1.3280 last week, rallying to just below 1.3400, and forming a bullish daily candle and a weekly "doji" candle in the process. This means that we have reversed our weekly direction and now look to buy into dips whilst above 1.3250. We should be able to hold above 1.3330/1.3300 in the event that we do get a small decline, and rallies from there should take the euro to the next band of resistance which lies around 1.3400/1.3450. Slightly longer term, we expect the euro to re-test the 1.3700 level, but this may still take several weeks of work to get there.

Key G7 Support levels: 1.3330, 1.3300

Counter-trend opportunities:Try small shorts at 1.3390, stops above 1.3400, target 1.3330

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Wednesday Jun 20 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: 1.3250

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

Today's trade suggestion: No change after a tiny range day yesterday and hesitation at 1.3430 resistance: We held above 1.3280 last week, rallying to just below 1.3400, and forming a bullish daily candle and a weekly "doji" candle in the process. This means that we have reversed our weekly direction and now look to buy into dips whilst above 1.3250. We should be able to hold above 1.3330/1.3300 in the event that we do get a small decline, and rallies from there should take the euro to the next band of resistance which lies around 1.3400/1.3450. Slightly longer term, we expect the euro to re-test the 1.3700 level, but this may still take several weeks of work to get there.

Key G7 Support levels: 1.3330, 1.3300

Counter-trend opportunities:Sell 1.3435, stop 1.3465, target 1.3335

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Friday Jun 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:Bullish

Weekly trend reversal level: 1.3250

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

Today's trade suggestion: No change after another tiny range day yesterday and hesitation at 1.3430 resistance: We held above 1.3280 last week, rallying to just below 1.3400, and forming a bullish daily candle and a weekly "doji" candle in the process. This means that we have reversed our weekly direction and now look to buy into dips whilst above 1.3250. We should be able to hold above 1.3330/1.3300 in the event that we do get a small decline, and rallies from there should take the euro to the next band of resistance which lies around 1.3400/1.3450. Slightly longer term, we expect the euro to re-test the 1.3700 level, but this may still take several weeks of work to get there.

Key G7 Support levels: 1.3370, 1.3300

Counter-trend opportunities:Sell 1.3435, stop 1.3465, target 1.3335

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday Jun 25 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: 1.3360

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

Today's trade suggestion: A bullish week last week after the previous week's "spike low" from support, and now we are holding up around 1.3470 rather nicely. We need to break through tough resistance at 1.3500 early this week (786 Fibonacci resistance, previous barrier, and 10 week SMA) and then on towards 1.3550, and it's probably only a matter of time before we get a new all-time high at 1.3700. Continue to look to buy into dips this week whilst above 1.3360, with key support at the weekly low near 1.3370. Only below here changes our outlook.

Key G7 Support levels: 1.3370

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Tuesday Jun 26 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: 1.3360

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

Today's trade suggestion: An amazingly small 35 pip range yesterday did little to change the analysis, and hopefully serves as a continuation of the rally: A bullish week last week after the previous week's "spike low" from support, and now we are holding up around 1.3470 rather nicely. We need to break through tough resistance at 1.3500 early this week (786 Fibonacci resistance, previous barrier, and 10 week SMA) and then on towards 1.3550, and it's probably only a matter of time before we get a new all-time high at 1.3700. Continue to look to buy into dips this week whilst above 1.3360, with key support at the weekly low near 1.3370. Only below here changes our outlook.

Key G7 Support levels: 1.3370

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday Jun 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:Bullish

Weekly trend reversal level: 1.3360

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

Today's trade suggestion: Little changed as we battle between 1.3400 and 1.3500, whilst maintaining a bullish bias. We need to break through tough resistance at 1.3500 early this week (786 Fibonacci resistance, previous barrier, and 10 week SMA) and then on towards 1.3550, and it's probably only a matter of time before we get a new all-time high at 1.3700. Continue to look to buy into dips this week whilst above 1.3360, with key support at the weekly low near 1.3370. Only below here changes our outlook.

Key G7 Support levels: 1.3370, 1.3410

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Friday Jun 29 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: 1.3360

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

Today's trade suggestion: 4 Tiny range days in a row mean no change to the outlook. We are stuck between 1.3400 and 1.3500, whilst maintaining a bullish bias. We need to break through tough resistance at 1.3500 early this week (786 Fibonacci resistance, previous barrier, and 10 week SMA) and then on towards 1.3550, and it's probably only a matter of time before we get a new all-time high at 1.3700. Continue to look to buy into dips this week whilst above 1.3360, with key support at the weekly low near 1.3370. Only below here changes our outlook.

Key G7 Support levels: 1.3370, 1.3410

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday July 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: 1.3410

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

Today's trade suggestion: Momentum remains bullish and last week's candle means we should try to push even higher this week, possibly without much retracement. Dips should hold above 1.3480, and no lower than 1.3420, so we will be looking for opportunities to buy at these levels on clear signs of reversal. First target 1.3550, and (after a break above there) 1.3650.

Key G7 Support levels: 1.3480, 1.3420

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Wednesday July 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: 1.3410

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

Today's trade suggestion: Small daily ranges mean little change. Momentum remains bullish and last week's candle means we should try to push even higher this week, possibly without much retracement. Dips should hold above 1.3480, and no lower than 1.3420, so we will be looking for opportunities to buy at these levels on clear signs of reversal. First target 1.3550, and (after a break above there) 1.3650.

Key G7 Support levels: 1.3480, 1.3420

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart: