Forex618.net Daily Currency report

[forex618]

Daily Currency report for Friday August 31 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: 1.3720

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:Holding neatly above 1.3600 yesterday, and it looks as if we might now move higher to retest 1.3750/1.3800. A clear break above 1.3720 means that we resume the longer term bullish trend, and below 1.3550 means that the decline which began last week should continue. A lot now depends on the carry trades which are once again dictating the moves in the Forex market. We prefer to stay out of the market until next week, once a direction has been established. Aggressive traders could try selling at 1.3680/1.3700, with a stop/reverse above 1.3720 for 1.3820.

Key G7 Resistance levels: 1.3680, 1.3730

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday September 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 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:The euro has been somewhat mixed in the past two weeks, but weekly momentum has turned just bullish, and this means we shall look to buy dips while above the weekly reversal level. We should try to hold above 1.3600/1.3620, but price action so far at that level has been unconvincing. Wait and watch for clear reversal signals, and target 1.3750. Below 1.3650 means a change in direction and the euro could correct significantly towards 1.3350 and possibly lower. There is no rush to enter trades in the early part of this week, and it is better to wait for clear signs of intent from the market.

Key G7 Support levels: 1.3600, 1.3550

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday September 06 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 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: Bouncing from the 1.3550 zone again, and we have been range trading for almost two weeks. We should break out one way or the other before the weekend (NFP report on Friday) and so far it looks like the bullish side might prevail. Below 1.3550 means a change in direction and the euro could correct significantly towards 1.3350 and possibly lower. Hold longs and target 1.3800 plus.

Key G7 Support levels: 1.3550

Counter-trend opportunities:None

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Monday September 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:Bullish

Weekly trend reversal level: 1.3550

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:Powering up to 1.3800 and just 60 pips shy of the all-time high at 1.3860, the euro "should" have another bash at taking 1.3900 this week. If we do manage this, the next stop is probably 1.4100. Remain bullish and look to buy dips after a clear G7 entry signal, but keep stops tight and be nimble with profit-taking. As we approach these extreme levels, volatile swings in both directions are possible and even likely. 1.3550 and 1.3350 are now very key support areas and whilst above here, expect continued upside probing. Below 1.3550 means a medium term top might just be in place and momentum should remain bearish for some time.

Key G7 Support levels: 1.3550

Counter-trend opportunities:Sell 1.3860

EUR/USD Hourly chart:


EUR/USD Weekly chart:

[forex618]

Daily Currency report for Thursday September 13 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 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: The euro has made a new all time high, with 1.3920 as the new mark. We have consolidated quietly beneath here, but it looks as if we will be moving higher before the weekend. The strategy for today is to buy on dips to around 1.3750/30, but it is unlikely we will get there before another rally. There are also strong possibilities of counter-trend short positions simply due to the fact that the Euro is very overbought and at such extreme levels. However, we won't be rushing into these unless there are very clear signals of reversal around the 1.4000 (a BIG level) or 1.4100 levels. Watch price action carefully at these levels and be prepared to act decisively and aggressively to catch the large potential retracements from there (remembering to keep stops tight!)

Key G7 Support levels: 1.3750

Counter-trend opportunities:Sell 1.4000/1.4100