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EURUSD:
Update: Incredibly, the Euro has rallied almost 400 pips in the past two days in an impressive rally from 1.3000. It seems likely that we will move higher before the weekend, with the weekly reversal level at 1.3450 in near sight. We have also closed well above the last Fibonacci resistance level (the 78.6% level), which means there is only minor resistance at 1.3380/3400 above us. Still, strange things do happen in financial markets and it’s still possible that we may resume the downward weekly trend today or tomorrow. Watch and wait for a G7 entry signal, but be aware that selling into this powerful reversal is very risky.
GBP/USD:
Update: Sterling hasn’t been quite as impressive as the Euro, but we’ve still had a strong rally out of the choppy holiday range. Unfortunately, we haven’t had a chance to buy, as retracements have been shallow. We’ll continue to look for chances to buy into dips, with new support levels now at 1.5870, 1.5700 and 1.5640. The next few days will be VERY interesting, and may well determine the direction for the first trend of 2011 (we are overdue for a major trend)
Jan12th
IMPORTANT: This free report is not an express or implied recommendation, guidance or proposal that any particular Forex analysis or trade is appropriate to the particular investment objectives, financial situation or particular needs of any recipient.
EUR/USD
Weekly Trend direction:
Bearish
Weekly trend reversal level: 1.3450
Key G7 resistance levels:
1.3000, 1.3050/80, 1.3150/80, 1.3220, 1.3300
Counter-trend opportunities:
Strategy: Whilst below the weekly trend reversal level sell rallies to resistance levels after an entry signal.
Today’s trade suggestion:
After a long decline in the Euro during the holiday weeks, the weekly direction has turned bearish. This means that we are looking to sell the euro into rallies this week, whilst below the weekly reversal level at 1.3450. First resistance is at 1.3000, roughly where the price is currently hovering. However, there are no clear signs of reversal at this stage. Watch and wait over the coming hours. If 1.3000 doesn’t hold, expect the euro to move higher to 1.3050/80 and higher before reversing. As always watch for clear signs of reversal and a G7 entry trigger before selling. First target for short positions is 1.2850.
Summary:
Sell rallies to resistance levels after a clear G7 entry signal. Target 1.2850 and then 1.2700
GBP/USD
Weekly Trend direction:
Bullish
Weekly trend reversal level:
1.5350
Key G7 resistance levels:
1.5540, 1.5500, 1.5460/30, 1.5400/20
Counter-trend opportunities:
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal
Today’s trade suggestion:
Last week, the pound formed an “inside week” in comparison to the previous week. This is viewed as a continuation pattern, which means that we remain bullish. This pair has really made a meal of it over the holiday weeks, with random fluctuations within a large range, making it difficult to identify clear support levels. Nevertheless, we have penciled in several black lines and a Fibonacci analysis and determined rough areas of support which we will be watching this week. Continue to look to buy into dips, but be aware that the chart is messy and potentially misleading. It is possibly better to remain sidelined until we see cleaner patterns and more direction on the chart. Support levels are listed above.
Summary:
Buy dips to support levels after a clear G7 entry signal. Be somewhat sceptical of the pounds intentions this week!
EUR/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.3780
Key G7 resistance levels: 1.3120-3160, 1.3200, 1.3280, 1.3350-3380
Counter-trend and scalping opportunities: 1.2960-2980
Strategy: Whilst below the weekly trend reversal level sell rallies to resistance levels after an entry signal.
Today’s trade suggestion: The euro has marched relentlessly lower, amidst turmoil in Europe and some calling for the euro’s demise. This has ensured a bearish weekly direction for this week, and we’ll continue to look to sell into rallies as we have been doing for the past month or so. Resistance levels are a long way above us, starting at 1.3120, so we’ll need a significant counter-trend rally this week before getting a chance to sell. Right now, there is a chance to buy the euro on a counter-trend play off key support and very oversold conditions. The target for this long trade is 1.3100-3120, where we’ll watch and wait for a G7 sell signal.
Summary: Sell rallies to resistance levels listed above after a G7 entry signal. Try small longs from 1.3000/2908, targeting 1.3100
GBP/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.6080
Key G7 resistance levels: 1.5650, 1.5720-50, 1.5780-5800, 1.5850
Counter-trend opportunities:
Strategy: Whilst below the weekly trend reversal level sell rallies to resistance levels after an entry signal
Today’s trade suggestion: Like the euro, the pound remains bearish this week, after a dramatic bearish candle last week.
We’ll look to sell into rallies to resistance levels, with the first key resistance at 1.5650. We’ll need to be patient and wait for the setups to form, which could take another day or two.
Summary:
Sell rallies to resistance levels listed above (starting at 1.5650) after a G7 entry signal.
EUR/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.4085
Key G7 resistance levels: 1.3580, 1.3620/50, 1.3710, 1.3760/80
Counter-trend and scalping opportunities:
Strategy: Whilst below the weekly trend reversal level sell rallies to resistance levels after an entry signal.
Today’s trade suggestion: The euro’s fortunes have reversed quite dramatically, and we have a very bearish pattern on all chart time frames. We’ll look to sell the euro into resistance levels after pullbacks. This is not a good time to be picking bottoms and trading counter-trend. There are very few clear support levels below us and we have just broken below major range support.
Update 17 November: General dollar strength has sent currencies crashing lower as expected, and the euro has major support at 1.3450. We continue to look to sell into rallies, with resistance levels overhead starting at 1.3580 (previous support and the 38% Fibonacci of the latest swing.
Summary: Sell rallies to resistance levels listed above after a G7 entry signal.
Hi Guys, sorry wasn’t paying attention today (Monday Morning). I see James is actually closing down his T24 alert service and replacing it with the more improved TFD Alert System.
So to all my clients who are members of the T24 service please make sure you go to this page immediately and switch over or you will miss out.
For those that are not following this service. I strongly recommend you grab yourself spot. James loves to shut the door quickly when he launches a new service so he can focus on those clients.
Cheers,
Chris.
EUR/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.4085
Key G7 resistance levels: 1.3780/1.3800, 1.3840, 1.3930
Counter-trend and scalping opportunities:
Strategy: Whilst below the weekly trend reversal level sell rallies to resistance levels after an entry signal.
Today’s trade suggestion: The euro’s fortunes have reversed quite dramatically, and we have a very bearish pattern on all chart time frames. We’ll look to sell the euro into resistance levels after pullbacks. This is not a good time to be picking bottoms and trading counter-trend. There are very few clear support levels below us and we have just broken below major range support.
Summary: Sell rallies to resistance levels listed above after a G7 entry signal.