EUR/USD Video for 4/15/2011

US $ Index Analysis

EUR/USD

I Look for another leg up on this pair. It is a tough read early this week so I went to the USD/JPY for some clues. To me it looks as if we might take another leg down into move fib territory on the 4hr chart. once we get into this 82.50-82.60 area I look for some dollar strength. If this is the case the euro should make another leg up to 1.378 then I see a fib retrace to 1.3600 area which will pick up buyers and possibly merit a test of the highs at 1.3861 and possibly a 1.3900 target 1 and then a 1.397 target 2 which will obviously bring on a strong push to 1.4000 pych level which I will sell off this level. It would be interesting if this level matches up with a weekly pivot level? We did hit WR1 Friday and that is where price stalled. If WR1 holds then downside will prevail. I will just play it accordingly to price action. We will see????

Quick EUD/USD Weekly candlestick pattern

Just wanted to post a note on the EUR/USD weekly gravestone doji pattern on extensive tick volume. What this is telling me is sell sell sell next week? Let's see????

Merry Christmas!!!!! EUR/USD this week!

Well my last post played out nicely for quite a few pips :). Now this week volume will be rather low, but I still see a set up in the works. I am looking for a retest of the 4hr 21 and trendline area inwhich I believe we will continue our downside move. I will look for a set up in the 1.325/30 area. Price could test the top of this zone. I believe in taking a long position during Asia on Monday and scale out in this zone. As we get higher in this zone I will look to start placing short entries. My $ chart is looking good as a conformation. Good luck this week and Merry Christmas.

Weekend Glance at EUR/USD

Well after some bad employment numbers this week we have climbed within 50 to 60 pips of my target area which I have at the 1.382% fib extension at 1.3477 which also comes in confluence of the mid November resistance. I look for price to react in this area and could reach as high as 1.3500, but clearly will turn over and retest the 1.320/22 area of support. When price reaches this level it will be important and odds are it will break thru to the downside. If we get reaction we could expect a break of the 1.3477 highs. More than likely we will test the 1.297 lows. These are my thoughts for the next couple of weeks let's just see how it plays out?