EUR/USD

[FXFatcat]

I see a potential head and shoulder pattern forming. 1.47 looks like a serious testing target. The daily chart shows leeway for a Euro rally above 1.47. I'm rather unfamiliar with using fib tools. Gonna look into now.

It's good to have knowledge on Fibonacci retracement even if you don't use it as it's something which some traders use. Trading is a big psychological game; if you can understand people and how they work, trading will become easier.

[FXFatcat]

I see a potential head and shoulder pattern forming. 1.47 looks like a serious testing target. The daily chart shows leeway for a Euro rally above 1.47. I'm rather unfamiliar with using fib tools. Gonna look into now.

It's good to have knowledge on Fibonacci retracement even if you don't use it as it's something which some traders use. Trading is a big psychological game; if you can understand people and how they work, trading will become easier.

[Vialpando]

Alright, I see what you're talking about now.
Today seems like a risky day to trade from all the volatile activity.

[FXFatcat]

Alright, I see what you're talking about now.
Today seems like a risky day to trade from all the volatile activity.

Those were some big swings. There were some hawkish words spoken, however I hear there were some big hedge funds which came in and sold into the rise. As you can see, it fell hard.

Did you get affected by it at all?

[FXBear]

I wasn't confident enough to go in! Volatile indeed..

[FatcatAdmin]

German Bundestag has voted in favour of putting money into Greek aid, and in turn the Euro has been boosted since it's early fall. Also BIS has been buying the EUR/USD, apparently.

It's an unusual one really; The EURO is plagued by it's underperforming economies, mainly Greece, Portugal, Ireland.... Italy... Spain...... hmmmm, that's a lot of them! But the one which is driving them forwards, Germany, has pledged to help Greece.

It's a bit of good and bad. I don't know where this is going to go, I'll be honest.

The slower stochastics are overbought, the slower ones oversold, MACD crossing to a down trend, yet there is a pin bar in the 4 hour candle sticks, suggesting an upwards direction.

Price is also wedged inbetween the popular moving averages, bouncing off the 200 sma.

If I had a guess I would say price could end around the 1.45 level at the end of today.

See chart below.

[FXFatcat]

Croatia is set to join the European union and are in their final steps to join by 2013: Big time news!

[FXFatcat]

Croatia is set to join the European union and are in their final steps to join by 2013: Big time news!

Barroso has said this.

[FXFatcat]

There seems to be good interest in buying the euro from some large hedge funds and sovereign countries.

I believe that is what is the main suppport for the Euro at the moment.

[FXFatcat]

It looks like the Euro could be ranging this week.

If you look at the chart below you can see that price has fallen to the 50% fibonnaci level, suggesting there could be a bounce off this level and a continuation upwards to test 1.47 again. However, this is dependent on the situation with the Greek debt.

Where do you think it's going to go this week and where do you think it'll finish?