FOREX PRO Weekly May 30- June 03, 2011

[Sive Morten]

Hi Sive;
Would you say that we're in the middle of a DRPO on the eur/usd on the daily?
Also, is there a fear that because of memorial day the market won't behave technically?
sincerely
mjunkyard

Hi Mjunkyard
Somebody has asked about DRPO on daily already... It seems that this is not DRPO - very poor thrust down.
Well, some effect it could give (Mem. day), but hardly it will turn overall picture drastically.

 

[Sive Morten]

EUR/USD Daily Update, Tue 31, May 2011

Good morning,
market has reached our second area of resitance - 1.44 that is daily overbought and pivot resistance 1. So, it's not time to buy right now.
Still, I think, that market could not reach 1.4177 - pivot point. This will be too deep retracement that hardly suitable for development of 4-hour Crab and weekly momentum trade.
It seems that more probable is 1.4270-1.4280 area. Let's watch it for potential buy signals.

 

[mjunkyard]

Hi Sive;
I was wondering where would we put the stop on selling short the eur on the overbought at 1.44?

 

[palie14]

what is your opinion about Greece situation?
hopefully it turn to bearish.

 

[nicolebobbin]

Excellent analysis, so basicacally minimum target for this LONG trade is 1.4550 ?

 

[Sive Morten]

Hi Sive;
I was wondering where would we put the stop on selling short the eur on the overbought at 1.44?

This is delicate question. All trends are bullish, so you have no context to short, except daily overbought. To short it, you need to wait when 30-60-min trend will turn bearish. Probably 1.4460 area is not bad to stop... On 30 min is nice divergence with MACD and trend has turned bearish already.

what is your opinion about Greece situation?
hopefully it turn to bearish.

Palie, surely it will press on EUR in near term. But to guess currently how it will turn is very difficult. I suspect then it hardly will be positive. The end of June will be very important period - ending of QE II, US debt ceiling and Greece...

Excellent analysis, so basicacally minimum target for this LONG trade is 1.4550 ?

That's right.

 

[jimmy.wibisono]

1.4550 Really ?

Hi Sive,

if enter market from 1.4270 - 1.4280 and t/p 1.4550 it will sound very tasty

 

[Sive Morten]

Hi Sive,

if enter market from 1.4270 - 1.4280 and t/p 1.4550 it will sound very tasty

Theoretically yes
But major problem usually, is that some surprises could appear on practice

 

[mjunkyard]

Video is working!!!!!!!!!!!

Hi all Morten Fans!
The daily video is working on youtube.
just go to this link;

sincerely
mjunkyard

 

[mjunkyard]

oops i didn't realize that the link is going to come up like this.
when you go to the link in my previous post just click the underlined name of the video.