EUR/USD Direction

Discussion in 'Forex' started by swingtrdrt, Jun 20, 2011.

  1. Does anyone else see (or have already commented on) the bull flag in development on a daily chart? The charts I use (which include a few prediction candles) indicate further bounce to the 1.45 level with minimal downside risk.

    Am I mistaken or is there really a flag in development? Please take a look and confirm my suspicion. Such a large formation would have a rather dramatic undertone to the way I (and I'm sure a lot of others) will be trading in the near future.
  2. I am hearing more and more traders considering shorting the EUR/USD when everybody else is touting the upcoming weakness of the dollar...

    I see oil coming down...
    Oil and the USD seem to move together..

  3. mfoste1


    This rally from 4100 has been sold into, we might see a dip tomorrow.
  4. I can get behind that, though I believe it would still be a part of a bigger move. I'd look at any dip as a shakeout going forward. Looks like it could stall out and retest prior support/resistance before resuming the more macro trend.
  5. What is the news right now? It is shaking like it's 2008.
  6. RBA minutes possibly? The timing in the move to 1.43 in the chart was a bit off, but happened similar nonetheless. I'm expecting similar conditions as we saw between 1.43 and 1.432...a lot of fighting price action.
  7. Yeah, and I think the MHI pre-market opens around that time. Just now used to some volatility anymore!!
  8. mfoste1


    I think it was in correlation with aud/usd after minutes released. It hit very good supply down near 4300, however it looks like the market is happy to distribute those chunks ahead of euro news. That's why I said, this rally has been sold into.
  9. Yeah, been building this base for a while. Just curious what's brewin. Got some work to do yet, but so far this thing's still got strength.

    5 weeks ago they would have taken every offer they saw down here :)
  10. Where volatility normally dies down some, it looks like it may continue to be above average. Swing traders should continue to like the price action. The charts show favorable volatility and with a short-term upside bias (with initial resistance at 1.43).
    #10     Jun 23, 2011