Euro Forex Pro Weekly 12-16 July, 2010

[Vitalie]

I see the market broke a little the 1.2800 level, and reached a bit above 1.2810

What should we expect now ? Will it be an upmove to 1.2850 - 1.2900 level ?

 

[Mandrake]

Yeah wow that was fast. Now I expect it to go up to 1.31 area. But as usual, if you have been following Sive's analysis, we always wait for a retracement before entering again; try not to chase the market, so I will be entering later if there is a retracement. I need to leave my desk in 5mins only to return at US market opening. No way I'm gonna enter a position for now anyway.

 

[Vitalie]

Yeah wow that was fast. Now I expect it to go up to 1.31 area. But as usual, if you have been following Sive's analysis, we always wait for a retracement before entering again; try not to chase the market, so I will be entering later if there is a retracement. I need to leave my desk in 5mins only to return at US market opening. No way I'm gonna enter a position for now anyway.

Yes, interesting how deep will be this retracement, I have a short position near 1.2800 and I'm worried

 

[aymen335]

Yeah wow that was fast. Now I expect it to go up to 1.31 area. But as usual, if you have been following Sive's analysis, we always wait for a retracement before entering again; try not to chase the market, so I will be entering later if there is a retracement. I need to leave my desk in 5mins only to return at US market opening. No way I'm gonna enter a position for now anyway.

Sive was talking about going short and warned from going long. He went short at OP with a SL = 1.2820. Please read again his market analysis.

 

[jtfx]

Seems like 1.3+++ is indeed in the works...

Price is now above 1.28 and USD is getting creamed on most fronts: EURUSD, GBPUSD, USDJPY...

 

[vtombak]

Hi Sive,

While doing my first steps (rather missteps) on the fx market, I'm following your analyses for quite a time. Yet there is the first time I dare to disturb you. English is not my mother-tongue, so I apologize in advance. Also I apologize for the stupid question, which is:

- EURUSD has broken 1.2820, which had to be set as SL. Do you think this peak was a kind of stop-hunting or a breakout?

 

[Vitalie]

Interesting...

Where will EUR head now ? It looks like a strong move up, without any pullbacks

 

[Sive Morten]

Hi Mandrake,
here is your DJIA chart, but I do not see any DRPO.

The fact that market has passed through this area tells about the strength.
We have an intermediate resistance at 1.2860 (weekly Pivot resistance 2).

The next major level is 1.30-1.31. I've told about this area very often - just look at weekly chart (for those who didn't see it).

Personally, I 'll take a pause to see the development of price action. We can't exclude W&R here. Let's see. But I have a feelings not technical analysis, but feelings that probably this will be a move to 1.30-1.31 Confluence resistance XOP and weekly overbought...

 

[Vitalie]

Hi Mandrake,
here is your DJIA chart, but I do not see any DRPO.

The fact that market has passed through this area tells about the strength.
We have an intermediate resistance at 1.2860 (weekly Pivot resistance 2).

The next major level is 1.30-1.31. I've told about this area very often - just look at weekly chart (for those who didn't see it).

Personally, I 'll take a pause to see the development of price action. We can't exclude W&R here. Let's see. But I have a feelings not technical analysis, but feelings that probably this will be a move to 1.30-1.31 Confluence resistance XOP and weekly overbought...

Thanks Sive, I wasn't sure about this and this is why I asked about it, it's a really strong move for now, we'll see, I've successfully reversed my position and got some profits, I'll wait for now

 

[Mandrake]

Hi Sive,

Thank you very much for the chart.

Eur is really strong right now just passed the weekly pivot R2. I hope it goes south soon and we can get in on the uptrend before tomorrow comes. ADX is quite strong now too on hourly chart.