Despite
the momentum of the 1:00amEST acceleration higher, the EUR/USD could not get
any footing above the 1.3100 level. This is not a bearish statement but rather
an assessment of where the next resistance area is waiting since the breakout
invalidated the intraday resistance between 1.3280 to 1.3285. The minor
psychological level was broken as was the 1.3200 major psychological level as
the pair reached. 1.3209 and quickly slid back below the “00”.
The 1.3150 level is now in play as a near term support area. I’m
not playing semantics but 1.3250 is not exactly support however prices are gravitating around this area early in the
New York session.
Past
performance is not indicative of future results
The daily’s 38.2% Fibonacci Level was
again broken and a new higher high was put in however the battle will be for
the support for 1.3250.
The intraday fade - as all fades are - is an aggressive entry and
despite my view last night:
“The daily
chart has been struggling to accelerate higher through the 38.2% Fibonacci
Retracement level and this makes the 1.3250 major psychological level an
important price to watch since the bulls cannot seem to gain control of this
level and have not been able to make it support.”
The market has been able to break higher through multiple levels
of resistance invalidating my expectation of near-term exhaustion, but for now
I will continue to look for selling pressure and will do so until the daily
fully transitions into an uptrend.
The Weekly chart - one that I refer to but do not trade from - is
still in a downtrend and normally this would be an afterthought of a much
bigger picture however the weekly’s 34EMA Wave resistance was 1) reached and 2)
respected.
Past
performance is not indicative of future results
The weekly 34EMA Wave - used as a
guide to a longer term trend - has held as resistance as the angle comes down
at “four to six o’clock”. The weekly 20 period SMA is also in play at
the high.
As an active forex trader and Chief
Currency Analyst for InterbankFX.com I do write for a number of sites all over
the web and I am happy to say that I will be posting updates atwww.IBFXconnect.com. MyActivity Boardwill feature the trades from my trading account as well as
intraday commentary.
Start the discussion! Questions?
Comments. Leave it here at the Daily Forex Trading Edge for Raghee to
personally answer. Using the icons at the top of the article to forward this update
to a friend via email, post it on Google or Facebook or simply print it out for
reading later.
Forex
trading is one of
the riskiest forms of investment available in the financial markets and
suitable for sophisticated individuals and institutions. The possibility exists
that you could sustain a substantial loss of funds and therefore you should not
invest money that you cannot afford to lose.
Posted By:
Raghee Horner
Raghee Horner, chief currency analyst for Interbank FX, provides her personal daily trading tips and insights through Dailyforextradingedge.com. An experienced trader with over fifteen years in the markets, Raghee is the co-founder of EZ2Trade Software and has taught her brand of technical analysis and charting strategies to students all over the world. She is an international author and has taught currencies, futures, and equities trading for over a decade.
Despite the momentum of the 1:00amEST acceleration higher, the EUR/USD could not get any footing above the 1.3100 level. This is not a bearish statement but rather an assessment of where the next resistance area is waiting since the breakout invalidated the intraday resistance between 1.3280 to 1.3285. The minor psychological level was broken as was the 1.3200 major psychological level as the pair reached. 1.3209 and quickly slid back below the “00”.
The 1.3150 level is now in play as a near term support area. I’m not playing semantics but 1.3250 is not exactly support however prices are gravitating around this area early in the New York session.
Past performance is not indicative of future results
The daily’s 38.2% Fibonacci Level was again broken and a new higher high was put in however the battle will be for the support for 1.3250.
The intraday fade - as all fades are - is an aggressive entry and despite my view last night:
“The daily chart has been struggling to accelerate higher through the 38.2% Fibonacci Retracement level and this makes the 1.3250 major psychological level an important price to watch since the bulls cannot seem to gain control of this level and have not been able to make it support.”
The market has been able to break higher through multiple levels of resistance invalidating my expectation of near-term exhaustion, but for now I will continue to look for selling pressure and will do so until the daily fully transitions into an uptrend.
The Weekly chart - one that I refer to but do not trade from - is still in a downtrend and normally this would be an afterthought of a much bigger picture however the weekly’s 34EMA Wave resistance was 1) reached and 2) respected.
Past performance is not indicative of future results
The weekly 34EMA Wave - used as a guide to a longer term trend - has held as resistance as the angle comes down at “four to six o’clock”. The weekly 20 period SMA is also in play at the high.
As an active forex trader and Chief Currency Analyst for InterbankFX.com I do write for a number of sites all over the web and I am happy to say that I will be posting updates at www.IBFXconnect.com. My Activity Board will feature the trades from my trading account as well as intraday commentary.
Start the discussion! Questions? Comments. Leave it here at the Daily Forex Trading Edge for Raghee to personally answer. Using the icons at the top of the article to forward this update to a friend via email, post it on Google or Facebook or simply print it out for reading later.
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
Raghee Horner