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Thread: Wait for the EURUSD break the trend line

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    Default Wait for the EURUSD break the trend line

    Last trade day, EUR broke the up-trend line which is from 1.16 to 1.61, the trend line is now near 1.4460. The close price went back on this line. Now we are wait for the breakdown again.
    Furthermore, the 0.382 fibo-retracement of 1.16 to 1.61 is near1.4360, so 1.4360-1.4460 will be a very strong support. If the price breakdown this area, we will put a mid-term short position and the first target is 1.38, then 1.30.
    Attached Thumbnails Attached Thumbnails eurusd080904.jpg  

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    # EUR/USD has reached new lows at 1.4380 yesterday, rebounding back towards 1.4550 key Resistance over the last trading sessions Today focus will be on ECB Interest Rate Decision at 11:45 GMT and especially Trichet Speech at 12:30 GMT It is widely expected ECB will leave the rate unchanged at 4.25% An upmove above 1.4550 key Resistance may recover price further towards 1.4600 and 1.4620 over the next couple of trading sessions and even 1.4800 in longer term On downside, below 1.4480 first Support reverses the bias into negative and turns price back to 1.4400-4380 bottom area
    # Strategy-neutral.

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    Default

    EUR/USD
    Entry Level: 1.4480
    Position: Buy
    Stop-Loss: 1.4450
    Target: 1.4545

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    Default

    Hello mohammad2903

    Looks like the danger is over for the minute.

    Keep an eye on EUR/AUD the more it falls the safer EUR/USD will be

    Talk more when your order is back in safe zone.

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    Default

    Now the next point:

    Does the EUR favor the AUD or USD ?

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    Default

    Unfortunately after the crazy dance it seems it did favor the USD.

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    Quote Originally Posted by mohammad2903 View Post
    # EUR/USD has reached new lows at 1.4380 yesterday, rebounding back towards 1.4550 key Resistance over the last trading sessions Today focus will be on ECB Interest Rate Decision at 11:45 GMT and especially Trichet Speech at 12:30 GMT It is widely expected ECB will leave the rate unchanged at 4.25% An upmove above 1.4550 key Resistance may recover price further towards 1.4600 and 1.4620 over the next couple of trading sessions and even 1.4800 in longer term On downside, below 1.4480 first Support reverses the bias into negative and turns price back to 1.4400-4380 bottom area
    # Strategy-neutral.
    I'll never taken much interest in these reports before but having analysis the movements on the money market for over a year now I would have read this report more as a negative than neutral.

    My understanding is:

    From 11th July 2008 the EUR has been in free fall going down from around 1.5698 to current price of 1.4435 I believe while the EUR stays strong against the AUD (same time frame 1.6305 - 17291) all neutral or negative reports will hurt the EUR.

    Just my feelings

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    Default

    wow...1.4400 now, will it break 1.4380 today?

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    Default

    Hello stanleyagain

    Missed your post but you have your answer: now 1.4369 more chance of 1.4300 than 1.4400 but just my thinking don't quote me.

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    Almost hit the 1.4400 mark today touching 1.4415 at one point but I still think it will go below the 1.4400 barrier very soon.

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    Maybe I should have put: but I still think it will go well below the 1.4400 barrier very soon.
    Hits 1.4212

    Now for the upturn (I think)

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    Looks like a strong EUR against the AUD is still forcing the EUR/USD downward.

    Todays trading so far EUR/AUD +165 EUR/USD -104 where will it end

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    i think the trend has reversed with euro/usd atleast the downtrend with euro seems to be over with the non farm payrolls. now watch out for the journey up

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    Default

    I think, EUR needs a breake in its falling down to 1.3500 - 1.3000 levels. and this breake may be got during this and the next weeks: EUR should get up to 1.4550 - 1.4600 (or even 1.4650) as the 6th wave of the Wolf's wave cycle (you can find it on the 4hour chart). Anyway, IMHO 1.4450 wil be the rubicon for this week.

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    Default

    wow, EURUSD 1.4046 this morning, those who short all the way down without much thinking can laugh all the way to bank

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