EUR/USD Update for week ending Jan. 22nd.

EUR/USD closed week at 1.09114 I currently believe the long side might be the direction for the upcoming week. News Tuesday of this week will let me know if I am correct. I will get long this market on any bullish signs that carry conviction. My upside target will be 1.1315 with price possibly wicking 1.13327. Along the way there will be resistance at 1.096, 1.100, 1.10 and 1.121 areas. Oil and China worries are keeping the markets volatile so good trading opportunities should be available. If I do not get the overwhelmingly bullish charge I am expecting I will sit on my hands and watch as the market adjust itself accordingly.

EUR/USD Update for week ending January 8th.

EUR/USD breached the lower trend line of my descending wedge and now appears to have turned into a channel. My predication for the end of the week is upside for EUR/USD to test upper trend line at 1.0900. I have a daily buy signal as I will take heading into Non Farm Payroll news on Friday. I will more than likely have a breakeven stop set for the news. Very risky for most traders but I'm not most traders. Stick to your trading plan and if your plan is correct everything starts to come together in view.
Good Luck and Happy Trading.

EUR/USD Update

Looks as if EUR/USD plan has reached targets. Now I am watching 1.0890 level for a test if price holds here I look for a retest of 1.093 upper trend line. If upper trend line is beached with conformation I will watch 1.096 level for reaction. If price breaks through the 1.0890 level I see a retest of lower trend line level at 1.083/81 area. I'll watch price action today and take notes on movements.  ISM Institute for Supply Management Manufacturing numbers coming out at 10:00 am EST. Forecast is in favor of the US dollar so I will be aware of this event this morning. Good luck and happy trading!

Forex Trade Plan for EUR/USD for the 4th-8th.

It's been awhile since I have posted a plan here. I am still currently very active trading Forex and keeping in tune with the markets as this is my passion. I took some time off as I was dealing with another side business I have revolving around my US patented Barrier Sleeve product. I hope to now contribute to my blog here more often and hopefully help out newbies wanting to trade in the Forex market.

Looking at the current EUR/USD spot pair it appears to me we are in an descending triangle pattern on the longer term Weekly/Daily/4 hour chart. I believe price will bounce in the 1.0830 area and move up to test the 1.0930 level and upper trend line of triangle. If price hold this level I expect it to fall back to an area of support and bounce up again to test and possibly break upper trend line. Eventually I see a break of this upper trend line and an overall target of 1.1340 over the next few weeks.

I will be posting more trade plans as I have the time. Feel free to contact me with questions.
Thanks for reading and happy trading!
Kevin Gibson
kgibson5@woh.rr.com

EURUSD Weekly Plan for Dec.31st thru Jan.4th

The EURUSD seems to be in a sideways wedge pattern forming lower high, lower low, lower high, higher low on 4hr chart. Looking at 1 hour chart it appears we will retest the upper TL of this channel. My bias is to the downside still to test 1.310 to 1.295 support levels. This is a rough read especially with the Fiscal Cliff crises were facing and congress trying to band aid something together. It is basically a crap shoot. If EURUSD breaks out to the upside and closes above the 1.3300 level on a daily then I will be bullish to 1.340/50 levels. I will just have to trade what price gives me. I would like to wish a Happy and safe New Year to all my readers. Looking forward to the volatile 2013.

EUR/USD Weekly Analysis for Dec. 24th – 28th.

Last week the EUR/USD was very bullish early on and climbed straight away to 1.3308. I was expecting a pullback to 1.3100/1.3080 area before the 1.3300 target. Nevertheless price went straight to the 1.3308 on Wednesday and selling hard off this level forming a nice daily pin bar off major resistance. Of course I went into short mode selling any rally with my target area 1.3100/1.3080 as this will be the next area to look for buying signals. After the action last week the weekly candle printed a somewhat bearish candle which I believe could push price as low as 1.3000/1.2950 levels. Clearly we are moving lower to test support demand. I cannot predict which support level will be the golden one, but I will be watching closely at each stop. I will look to get long this market on a nice signal at any one of these levels. With price rising so quickly last week it gives me an even more bullish feel and I could see this market in the 1.340/1.3500 area over the next couple of weeks. We have a somewhat short week with the Christmas Holiday on Tuesday, but do not let this completely fool you. I have witnessed markets moving quickly during holiday trading. Congress has a lot on its plate and trust me investors are watching and will be on alert. Volatility could be unseasonably high throughout the end of this year. To me this is a great trading atmosphere and I will be in tune to everything. Merry Christmas If you are still reading this and I hope your holiday brings you great joy this season.

EUR/USD Weekly Analysis for Dec. 17th – 21st.

My bullish intuition with price last week seemed to play out as the week progressed. My plan was to look for a bullish signal around the 1.2820 level. Price found support about 55 pips above this level at 1.28759. This was the 50% fib retracement zone from November 13th to December 5th. My thought was big money might run stops and then reverse price, but none the less price action signaled a turn up and never looked back all week. My thoughts for the upcoming week initially take me to trend lines, fibonacci extension zones, and a bit of Elliot Wave Analysis. I see price extended and overbought on the daily, 4hr, and 1 hour charts. Price clearly broke and closed above a major weekly TL. I am counting that price is in a fifth wave from an EW viewpoint. I’m not completely sold on wave five being over. I am counting three clear waves on a 5 minute chart and it appears we are in the fourth wave of five. So with this I expect we will see another stairway up to test the 1.320/25 resistance level. Once I count five clear waves on a 5 minute chart upwards I will consider this wave five finished and would anticipate a pull back to test the 1.3075/308 support level. If this is correct I would not expect price to move lower below 1.30658. If price breaks 1.30658 then I will reconsider my view and target 1.305/300 level support. So if price forms a bullish pattern in the vicinity of 1.3075/308 I will be all about the long and target 1.330 for the week. There is a chance we might be back in the same spot this time next week, but remember if price catches a bid at 1.3075/308 it will be in the beginnings of a wave three of wave five and I would expect impulsive waves to push price up relatively quickly. Price has some resistance in the 1.320/325 zone via TL resistance and 118% and 127% fib extensions. Also, once price reaches 1.3300 it will encounter the 1.382% fib extension along with the big monthly 20 SMA. I believe the range is set for the upcoming week. If price breaks the 1.30658 level support I will post another approach for the later part of the week. As I said I don’t anticipate this but I will react to whatever price gives me.