Trade Idea: EUR/USD – Sell at 1.3225 , Feb 28 2013

Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 28 13 07:23 GMT

EUR/USD – 1.3137

Most recent candlesticks pattern  : Shooting star

Trend                                                 : Near term down

Tenkan-Sen level              :1.3147
Kijun-Sen level                 :1.3112
Ichimoku cloud top              :1.3168
Ichimoku cloud bottom          :1.3064

Original strategy                              :

Sell at 1.3225, Target: 1.3080, Stop: 1.3260

Position: -
Target:  -
Stop:-

New strategy  : 

Sell at 1.3225, Target: 1.3080, Stop: 1.3260

Position: -
Target:  -
Stop:-

Yesterday's rebound has retained our view that further consolidation above this week's low of 1.3019 would be seen and risk of corrective rise to the Ichimoku cloud top (now at 1.3168) cannot be ruled out, break there would bring retracement to 1.3200-05 (61.8% Fibonacci retracement of 1.3319-1.3019), however, renewed selling interests should emerge around 1.3225-30, bring another decline later. A break of the Ichimoku cloud bottom (now at 1.3064) would bring test of yesterday's low at 1.3042 but break there is needed to signal rebound from 1.3019 has ended and bring retest of this level, below this support would confirm recent decline from 1.3711 top has resumed and extend weakness to previous support at 1.2998.

In view of this, we are looking to sell euro on recovery as 1.3227 (50% Fibonacci retracement of 1.3434-1.3019) should limit upside, bring such a decline. Only above 1.3275 (61.8% Fibonacci retracement) would abort and signal a temporary low is formed instead and risk a stronger rebound towards resistance at 1.3319 later.

The Daily Wave Analysis , Feb 22 2013

Daily Forex Technicals | Written by Admiral Markets | Feb 22 13 02:33 GMT

The Daily Wave Analysis

Currency pair USD/CHF

Presumably, the Impulse (v) of [a] is close to completion . If this assumption is correct, after its completion we can expect a downward price movement in line with the correctional wave formation [b] of 2.

Currency pair EUR/USD

Presumably, the Impulse formation (v) of [v] is close to completion . If this assumption is correct, after its completion we can expect an upward price movement in line with the correctional wave formation B of (2).

Currency pair GBP/USD

Presumably, the correctional wave [iv] of 5 is forming . If this assumption is correct, after its completion we can expect a downward price movement in line with the Impulse or Diagonal Triangle formation [v] of 5.

Currency pair USD/JPY

Supposedly, the correctional wave iv of (v) Is taking the shape of the Horizontal Triangle. If this assumption is correct, after its completion we can expect an upward price movement in line with the Impulse or Diagonal Triangle formation v of (v) of [iii].

The Daily Forecaster: EURUSD , Feb 22 2013

Daily Forex Technicals | Written by FX-Forecaster | Feb 22 13 02:43 GMT

The Daily Forecaster: EURUSD

Price: 1.3192

Bias: While 1.3194 - 1.3231 caps there still remains downside risk

The underlying MT direction is neutral while the daily bias is bearish. Therefore it may be better to sit out of the market or trade breaks when supported by bullish or bearish set up patterns. It is advisable to study both lower and higher time frame charts for evidence to support a trade in either direction. 2 It may well be advisable to take profits when seen or if there is a larger break out to consider using a trailing stop to protect profits. 3

Consider buy set ups at: 1.3019-37

Consider sell set ups at: 1.3190-20

Resistance	1.3194-08	1.3231	1.3254-62	1.3282-01	1.3320	1.3335-55
Support	1.3160	1.3136	1.3109	1.3091	1.3064	1.3019-37

Daily outlook

Yesterday's upside was hardly much at all and losses developed very directly once again even reaching the lower 1.3186 target and then 1.3160 early this morning. This new low looks more like the start of the next decline. I suspect it can still edge a bit higher but holding within the broad 1.3190-1.3231 area. From there we should see losses below 1.3160. At this point we cannot not yet identify intermediate stalling points although I suspect it may be in the 1.3091-09 area... Depending on how deep this current correction develops will imply the depth of the correction in or around 1.3090-09. However, the next larger downside target is identifiable and appears to be in the 1.3019-37 area. This should trigger a modest correction higher (130-150 points approx.) Do also keep in mind the 1.3064 projection.

An earlier break back above 1.3231 would surprise and complicate things a little. We should watch the 1.3254-62 area but there would seem to be more chance of seeing 1.3282-01 in a loose double bottom target and deeper retracement target. Also note 1.3320. I'd still then look for losses.

Medium Term Outlook

22nd February: Things are moving very quickly at the moment with targets being hit and further projections developing. With 4-hour momentum bearish my feeling is that we should see direct losses down to 1.3064 at least and I feel 1.3019-37 is a more likely target. This should provoke a much deeper correction to around 1.3150-80 approx. Beyond will still require further losses...

Only a break above 1.3320-50 would take this back higher directly

EUR/USD Holds Losses Above 1.32, But Still Vulnerable , Feb 22 2013

Daily Forex Technicals | Written by ZIFX.com | Feb 22 13 05:37 GMT

EUR/USD Holds Losses Above 1.32, But Still Vulnerable

EUR/USD Open 1.3190 High 1.3289 Low 1.3159 Close 1.3187

On Thursday Euro/Dollar continued decreasing with 130 pips. The European currency depreciated from 1.3289 to 1.3159 yesterday, matching the negative money flow sentiment at almost -26%, closing the day at 1.3187. This morning the Euro is trading quietly, with movements at the lower end of yesterday's range for now.

On the 1 hour chart new downward channel is forming, while on the 3 hour chart the upward channel is turning into range trading. Break above the nearest resistance and yesterday's top at 1.3289 may trigger further strengthening of the Euro. Going bellow today's bottom and first support at 1.3159, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3045.

Today's focus is on Germany Gross Domestic Product Q4, Italy CPI and HICP, Germany IFO business climate index, and Italy Consumer confidence, at 7, 9, and 10 GMT respectively.

Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all short signals.

Technical resistance levels: 1.3289 1.3400 1.3524
Technical support levels: 1.3159 1.3045 1.2920

EUR/USD Forecast February 19, 2013, Technical Analysis

Posted February 19, 2013 3:35 (GMT) | By FX Empire Analyst - Christopher Lewis 

The EUR/USD pair did very little during the session on Monday, essentially treading water at the 1.3350 level. This level represents a fair amount of noise and support going down to the 1.33 handle, and as a result with the lack of look quiddity as the Americans took their vacation day, market simply did not have the momentum to break either way.

However, one observation that we would make is that the Euro has sold off significantly since a few random words from the ECB. In other words, we feel that the selloff been a little bit extreme, but do not have the buy signal quite yet in order to start going long. Because of this, we are on the sidelines in the Euro at the moment.

EUR/USD Forecast February 19, 2013, Technical Analysis

Trade Idea: EUR/USD – Sell at 1.3450 , Feb 19 2013

Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 19 13 07:29 GMT

EUR/USD – 1.3341

Most recent candlesticks pattern  : Shooting star

Trend                                                 : Near term down

Tenkan-Sen level              :1.3351
Kijun-Sen level                 :1.3350
Ichimoku cloud top              :1.3379
Ichimoku cloud bottom          :1.3347

Original strategy                              :

Sell at 1.3450, Target: 1.3310, Stop: 1.3485

Position: -
Target:  -
Stop:-

New strategy  : 

Sell at 1.3450, Target: 1.3310, Stop: 1.3485

Position: -
Target:  -
Stop:-

Euro’s near term sideways trading after last week’s anticipated resumption of recent decline is likely to continue, as long as Friday’s low of 1.3307 holds, risk of another corrective bounce to Friday’s high of 1.3394 remains, however, the upper Kumo (now at 1.3413) should limit upside and renewed selling interests should emerge around 1.3440-45 (50% Fibonacci retracement of 1.3577-1.3309), bring another decline later. A break of said support would extend recent decline from 1.3711 top for weakness to 1.3285-90 but loss of downward momentum should prevent sharp fall below 1.3250, risk from there is seen a strong recovery later.

In view of this, we are looking to sell euro on recovery. Only above 1.3455-60 would defer and risk a stronger rebound to 1.3485-90 but still reckon resistance at 1.3520 (with a shooting star) should continue to cap euro’s upside, bring another decline later this week.

Technical Analysis for Major Currencies , Feb 19 2013

Daily Forex Technicals | Written by ICN.com | Feb 19 13 07:38 GMT

Technical Analysis for Major Currencies

EURO

The pair tried to move to the upside yesterday but remained limited below 1.3355 levels, as stability below it keeps the affect of the AB=CD bearish harmonic Pattern valid. The previously mentioned might push the pair to extend bearishness reaching 1.3270 levels as we might see more of the downside move if the mentioned level was broken. The possible negativity remains valid by stabilizing below 1.3440 levels; stability below 1.3380 levels keeps the bearish possibility valid for today.

The trading range for today is among the key support at 1.3235 and key resistance at 1.3440.

The general trend over short term basis is to the upside targeting 1.4375 as far as areas of 1.2990 remains intact.

Support: 1.3310, 1.3270, 1.3235, 1.3200, 1.3235
Resistance: 1.3380, 1.3405, 1.3440, 1.3485, 1.3500

Recommendation Based on the charts and explanations above, our opinion is selling the pair around 1.3355 targeting 1.3305, 1.3270 then 1.3235 and stop-loss with four-hour closing above 1.3405 might be appropriate

GBP

The pair’s trading stabilized below 1.5525 levels as Linear Regression Indicators tends to be negative now and might extend the bearish move. Stochastic is showing oversold signals which might cause great volatility. Meanwhile trading below 1.5580 levels today might extend the downside move, while stability below 1.5525 levels strengthens this possibility.

The trading range for today is among key support at 1.5340 and key resistance at 1.5610.

The general trend over short term basis is to the downside targeting 1.6875 as far as areas of 1.4225 remains intact.

Support: 1.5455, 1.5415, 1.5380, 1.5365, 1.5340
Resistance: 1.5500, 1.5525, 1.5580, 1.5610, 1.5630

Recommendation Based on the charts and explanations above, our opinion is selling the pair below 1.5525 targeting 1.5455, 1.5415 then 1.5340 and stop-loss with four-hour closing above 1.5610 might be appropriate

JPY

Stochastic is showing the extension of the negative bias after the pair touched the upside key support that was broken earlier and turned to resistance. The pair should stabilize below Linear Regression Indicators around 93.35 levels. Trading below 94.50 levels keeps the possibility of the negative bias valid, but breaking 93.35 levels is important to confirm negativity.

The trading range for today is among key support at 92.05 and key resistance at 94.85.

The general trend over short term basis is to the upside targeting 100.00 as far as areas of 84.00 remain intact.

Support: 93.35, 93.10, 92.70, 92.50, 92.05
Resistance: 93.80, 94.05, 94.25, 94.85, 95.00

Recommendation Based on the charts and explanations above, our opinion is selling the pair with four-hour closing below 93.35 targeting 92.70, 92.50 then 92.05 and stop-loss with four-hour closing above 94.50 might be appropriate

CHF

The pair stabilized above Linear Regression Indicators yesterday despite moving to the downside, proving that the bullish move is still valid. Stochastic offers some negativity as RSI shows weakness of the upside move; yet since the pair is stable above 0.9130 levels, the possibility of an upside move remains. Stability above 0.9200 levels strengthens the positive outlook, especially that MACD is trending higher eying a breakout above zero line to the upside.

The trading range for today is among key support at 0.9080 and key resistance at 0.9370.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.

Support: 0.9200, 0.9180, 0.9165, 0.9130, 0.9100
Resistance: 0.9235, 0.9270, 0.9305, 0.9320, 0.9350

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.9200 targeting 0.9270, 0.9305 then 0.9370 and stop-loss with four-hour closing below 0.9130 might be appropriate

CAD

The pair stabilized above 1.0085 levels indicating that the upside move might extend. Despite the importance of 1.0120 resistance, stability above 1.0085 levels might extend the bullish move toward 1.0205 levels. Linear Regression Indicators are very positive forcing us to turn bullish after the extension of the bearish correction failed due to stability above 1.0085.

The trading range for today is between the key support at 1.0005 and the key resistance at 1.0205.

The general trend over short term basis is to the downside with daily closing below levels 1.0125 targeting 0.9400.

Support: 1.0085, 1.0055, 1.0030, 1.0005, 0.9980
Resistance: 1.0120, 1.0160, 1.0180, 1.0205, 1.0240

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0085 targeting 1.0120, 1.0160 then 1.0205 and stop-loss with four-hour closing below 1.0025 might be appropriate

AUD

Areas of 1.0275 remained stable against the downside move, confirming the attempts to the upside to retest the ascending channel's broken support -turned to resistance-. Positivity is valid now unless the bearish move extends below the mentioned 1.0275 levels, while breaching 1.0375 levels will extend the upside move.

The trading range for today is among key support at 1.0200 and key resistance at 1.0475.

The general trend over short term basis is to the downside with daily closing below levels 1.0710 targeting 0.9400.

Support: 1.0310, 1.0275, 1.0220, 1.0200, 1.0185
Resistance: 1.0345, 1.0385, 1.0400, 1.0430, 1.0475

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0310 targeting 1.0385, 1.0400 then 1.0475 and stop-loss with four-hour closing below 1.0275 might be appropriate

NZD

The pair proved stability above 0.8400 levels supporting that possibility of positivity again. Stochastic is still moving negatively but we will ignore that unless the pair holds below 0.8355. We suggest an upside move today depending on the ascending channel and stability above the mentioned support, but we prefer stability above 0.8480 levels to further confirm positivity.

The trading range for today might be among key support at 0.8355 and key resistance at 0.8565.

The general trend over short term basis is to the upside with steady daily closing above 0.8130 targeting 0.8845.

Support: 0.8415, 0.8400, 0.8385, 0.8355, 0.8310
Resistance: 0.8450, 0.8480, 0.8500, 0.8535, 0.8565

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 0.8415 targeting 0.8480, 0.8535 then 0.8565 and stop-loss with four-hour closing below 0.8355 might be appropriate