Forex Trade Setups Commentary: EURUSD and GBPUSD Pin Bar Reversals, 20th December 2012

EURUSD – Euro/dollar pin bar reversal signal

The EURUSD pushed higher early in today’s session but pared all gains into the New York close and formed a bearish pin bar reversalsetup in the process. We could see this market rotate down from today’s pin bar into support before the uptrend resumes again. Key near-term support is seen down near 1.3125, but if this market starts falling aggressively we could see it make a deeper move to the downside. Keep in mind that even though today’s pin bar is a solid looking sell signal it’s still counter trend, so be aware that counter-trend trading is inherently riskier and should only be tried by experienced traders. If this market does move lower and into the support zone marked on the chart below we could watch for price action buy signals to rejoin the uptrend.

Forex Trading Commentary by Nial Fuller 

EUR/USD Forecast December 20, 2012, Technical Analysis

The EUR/USD pair shot straight up during most of the session on Wednesday, but ran into far too much trouble as the 1.33 level in order to keep going higher. With the headline risks out there currently, it is not surprising that some chatter out of Washington DC put fear back into the marketplace, and therefore people selling this pair. With this being the case, we formed a massive shooting star, and it appears that we are going to pullback. However, we have broken out above the 1.3150 resistance level, and suggest that it will more than likely find support either at that level or just below it. Because of this, we do not feel that this is a sellable that even though the candle looks so good for the sellers.

EUR/USD Forecast December 20, 2012, Technical Analysis

Credit : FX Empire Analyst - Christopher Lewis

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EUR/USD Forecast December 18, 2012, Technical Analysis

The EUR/USD pair did very little during the session on Monday as it simply went back and forth in a very tight range. However, we remained above the crucial 1.3150 handle, and this does suggest that there is still an upward bias in this market. After all, we broke out on Friday, and the fact that we didn’t fall back into the previous range on Monday does suggest that there is enough interest to keep pushing the currency pair higher.

If we managed to break the highs from the Friday session, we would suggest this market goes higher, but there is a lot of noise above. With that in mind, expect choppy conditions with an upward bias going forward. Also, do not forget that if the end of the year, and liquidity will become a real concern the closer we get to New Year’s Eve.

EUR/USD Forecast December 18, 2012, Technical Analysis

Credit : FX Empire Analyst - Christopher Lewis

Euro (€) / US Dollar ($) (EUR/USD) Mid-Session Update for December 17, 2012

The EUR/USD surged to the upside overnight, taking out the September 17 top at 1.3172 on its way to 1.3187. The rally reaffirmed the uptrend, but the subsequent intraday reversal suggests that the market may be overbought and ripe for a nearby correction. 

Daily EUR/USD Chart

Currently holding up the market is a pair of uptrending Gann angles at 1.3140 and 1.3116. Besides a closing price reversal top, a break through these angles will signal a shift in sentiment. Although the market is expected to show weakness, the move is not expected to be a trend changing event but rather a correction. Based on the short-term move from 1.2876 to 1.3187, a reversal top today is likely to trigger a possible move into 1.3032 to 1.2995 over the near-term. 

Weekly EUR/USD Chart

If traders can regroup later today then they may mount a challenge of the weekly chart resistance at 1.3240. This downtrending Gann angle is slightly below the May 2012 top at 1.3283. 

At the mid-session, the key concern for bullish traders is the possibility of a daily closing price reversal top and the start of a short-term correction.

Credit : By FX Empire Analyst - James Hyerczyk 

EURUSD Forecast 17/12/2012 Daily

EURUSD 17/12/2012 H1

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Euro (€) / US Dollar ($) (EUR/USD) Mid-Session Update for December 17, 2012

The EUR/USD made an explosive move to the upside on Friday, taking out last week’s high at 1.3126 and the October 17 top at 1.3139. The strong momentum suggests that traders may be already setting their sights on the September 17 top at 1.3172. 

The strong move has also placed the Euro on the bullish side of an uptrending Gann angle at 1.3120. Another uptrending Gann angle at 1.3076 is providing additional support.

DAILY EUR/USD CHART

 The move by the EUR/USD is also rattling the weekly chart. Today’s move broke out over a downtrending Gann angle from the 1.4247 top from October 2011. This angle is at 1.3067.

WEEKLY EUR/USD CHART

A close on the high today will put the market in a position to challenge another downtrending Gann angle from the top formed the week-ending May 6, 2011 at 1.4940. This angle is at 1.3240. A move through this angle will represent a serious shift in investor sentiment.

Credit : By FX Empire Analyst - James Hyerczyk