Further Consolidation

No change from yesterday's analysis.

Euro Consolidation

I mentioned yesterday we were consolidating on the Euro and it looks like we are still consolidating. This is not unusual since we have moved down a few hundred pips in a short time.
However, after the consolidation we will see a move in a particular direction and although the bias based on trend is down, selling the rallies is still a great option. All that is most likely at present is the comms are awaiting the specs to push up the price before shorts trigger. If this is not what happens then ride the trend if we break key support areas. Use your fib and physical support and resistance to work those values out.

By the way, expect the Euro to be volatile tomorrow around 1pm due to the Swiss interest rate decision. Shortly followed by Unemployment Claims in the US.

Good luck all.

CPI Data

I forgot to mention in the previous post that CPI data is out at 09.30am so beware volatility. If you are not already in a trade then the best thing to do is stand aside. If you are already long then tighten your stops to at least break even if you can without getting to close to the price action. I have a break even at 12655 to give you some idea.

Euro Consoldiating

Euro did move up yesterday and is consolidating currently. I am still long the Euro and expect a further move up. The thick fib bars are my predicted areas of resistance.

If you are not long then stand aside and wait for the move up as it probably wont be big enough to capture a decent profit and just wait for the market to change direction to look for shorting opportunities.

Please remember to do your own analysis.

Good luck today.

Euro Charts

Above are the Euro charts. Top chart being the 60 minute then followed by the Daily. We were going to put up the Weekly chart for you all but then thought that would make it way too easy for you and not give you anything to think about so we decided against it in the end.

The Daily Chart is showing that the current downward trend may well have come to an end. To work this out with some more accuracy we needed to analyze a 60 minute chart which is shown below with candlesticks. The high and the low of the chart shows 50% fib time and also 89 trading bars. Although you may not be able to see it too clearly on the chart, we also have a Hammer followed by a Doji and a Spinning Top. In addition to that we have also hit 1.618 APP fib price at 1.2657 so everything is showing for this to be at or near the end of the current swing low before we start a move up.

Check the Daily 8,5,3,3 DTosc for a cross up to perhaps initiate a long position and currently the 13,8,5,5 is bullish on the 60 min chart.

Based on all the analysis, the trading bias seems to be up at least for a short while. If this is the case then based on previous analysis you will know to sell the rallies as long as we do not deal above the all important figure. If you are unsure as to what figure we are talking about then read the previous posts for last few weeks. If you are unsure as to what we are talking about altogether then get the Dynamic Trader Workshop 40 hour home training course.

As always, you must do your own analysis. The above is just a guide line and is for education purposes only.

We wish you all the best of luck with your trading this week.