Tradeforex

EUR/USD closed lower on Friday as it consolidated some of the rally off this month’s low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible. If it extends the…

The 79.27-42 resistance capped perfectly and has provoked a stronger push lower. There is support at 44.48-73 and watch this area closely for a bullish reversal pattern. If this develops trade the break as this would tend to support the triangle I have been following. A move back above 78.45…

Sharp fall in Dollar-Yen (92.75) to a low near 92.50 today, breaking below the previous Support at 92.85. Has brought the Euro (1.4300) down from Friday’s high near 1.4389. The Aussie (0.8405) has also come off from Friday’s high near 0.8472 but is holding up relatively well. Then Yen has…

Euro 1.4300 Initial support at 1.4201 (AUG 20 low) followed by 1.4046 (AUG 17 low). Initial resistance is now located at 1.4447 (Aug 5 high) followed by 1.4621 (61.8% retrace 1.6038 - 1.2330)

Although a back off higher prices was seen the past week after EUR torched a high of 1.4405, while it continues to hold above its MT rising trendlineodds for more upside gains remain. This view still puts the 1.4444 level, its Aug 03′09 high under pressure where a break higher…

The ECB Council is holding its regular monthly meeting on Thursday. The interest rate decision will be announced at 13:45hrs, the press conference is scheduled for 14:30hrs. Over the last few weeks, several ECB representatives have warned against excessive optimism. In addition, the ECB report on EU Banking Sector Stability…

Next week sees both month-end and a likely end to summertime trading conditions, both of which have the potential to generate heightened volatility. On Monday, Japanese election results (see below) will start the ball rolling, but liquidity will be hampered midday by the UK Summer Bank holiday which will see…