Mid-day update on EURUSD

Here is a mid-day update on EURUSD

EURUSD screenshot

Here is a EURUSD snapshot to complement the ForeTrade blog.

Jan 19th 8AM UK

Weekly Snapshots _ Jan 15th

These screenshots complement the weekly report on the ForeTrade Blog

EURUSD snapshot

This snapshot complement the market report on the ForeTrade blog.

( Posted 9:45 AM UK )

EURUSD snapshot

Fib patterns visible on shorter time frames.
Today's report available on the ForeTrade Blog

Market Report

Here is a EURUSD commented chart. The Daily Report has been posted on : http://www.foretrade/com/blog/

Weekly Report - Jan 4th to 8th 2010

http://www.foretrade.com/blog/uncategorized/weekly-report-for-jan-4th-to-8th-2010/

Market Update - Dec 31st '09

Same situation today with a return to 1125 on light trading volumes. I guess we'll have to wait for another week to see some action coming back to the markets. The 1125 resistance level should act as a stall level rather than a breakout one today on this short dull day.
We can maybe get some cues from TF which tested 625 for support yesterday as anticipated, and could now creep to 632 then possibly to the high 630s. Note that TF may break out next week or early Jan and erase the retracement scenario we've seen on longer time frames. We won't jump to conclusions before we see an average 120000+ contracts traded daily.
EURUSD bouncing nicely on short time frames. We would like to see 1.4404 tested for support to aim at the recent highs or possibly (although unlikely still) to high 1.45s. The overall trend is still quite bearish so congestion is to be expected at daily level between lows and abovementioned highs.
That's all for this year.
I hope you've appreciated these daily reports. In January, we are going to offer a unique online forex daily signal service which should blow quite a few minds... More news next week, and in the meantime, I would like to wish you all a very very Happy New Year :)

Please check the ForeTrade blog next week

Market Update - Dec 30th '09

We have confirmation of the 1125 area as a strong resistance level for ES. However, to the point of being difficult again, we would have preferred seeing more volume on the high bar. Erosion is currently pausing on the 1120 area, but this drifting situation can continue to 1113 or even 1110. Again we don't anticipate anything really exciting this side of the year. Long time frames are nowhere close to turning around still.

We did notice that TF went a little ahead of itself, ignoring the 625 level and following ES on its rise to 1125. TF should also drift but it is only if/when 625 is tested again that we shall gauge whether selling will at last start. Longer time frames (daily/weekly) show no signs of reversing, and retracement potential has even reduced substantially in the last couple of weeks.

EURUSD has landed on Fib retracement level just above 1.43 but remains congested to bearish. Shorter intraday time frames which can't really use in this report point for a limited recovery at first (Fib). We still aim lower over the next few weeks.

( posted 7:30 AM UK )

Note that reports will be posted on the ForeTrade Blog from next week.

Market Update - Dec 29th '09

Here is a copy from the ForeTrade Blog report for Dec 29th 2009:

ES has now hit 1125, and it is only now that we can try and estimate opposing forces. Bulls still seem to have the upper hand at the moment but we can see that sellers are right there. One should not anticipate anything major coming until Monday, even though lower volumes can provide volatility and good trading opportunities in short time frames, but while the trading method remains the same, a daily report is not adequate here.

TF is ahead of ES and remains marginally bullish. It is obviously easier when we have a good correlation across our indices between levels and patterns. We'll assume low volumes are the cause for this temporary confusion.

EURUSD tested 1.44 as expected in our weekly report, and could even test higher grounds, at least until a Fib retracement level is hit. We do have conflicting forces across time frames so we'll safely aim at 1.443 then 1.447 if the brakout is confirmed. The more optimistic traders can maybe hope for 1.455 later on, but we'll tighten our stops along the way.

( posted 8 AM UK )

Weekly Report - End Dec '09

This blog will be moving in January 2010 i.e. next week to :
http://www.foretrade.com/blog/

And next week's report can now be found here :
http://www.foretrade.com/blog/uncategorized/weekly-report-for-end-december-2009/

Please note howwever that:
This MarketSnapshot blog will be kept maintained for more specific commentaries dedicated to TradeStation users, while the TSTT technical blog will specialize on programming issues related to the same TradeStation toolset.

Thanks for your understanding and support.

Weekly Report - Dec 21st to Dec 26th '09

ES seems to bounce on 1094 for the time being. It could otherwise just hover fairly directionless in the price range below this coming week, i.e. between 1078 and 1093. The 1102 to 1104 area is a relatively strong resistance in the short term. We unfortunately have no indication of a forthcoming end to the confusion are for now, even if the substantial retracement anticipated on the weekly chart is still there for early January.

Again, if we look at TF for correlation clues, TF has been testing 610 a number of times now and is still bullish in the short term. As mentioned in previous reports, we can discard both indices hitting their major resistance levels first (625 for TF and 1125 for ES). TF also has a Fib target on 618. In any case, buying pressure should be exhausted soon, even though volatilty may blur charts a little on account of slower trading. End of year 'window dressing' is also a common fund activity which can cause some apparently irrational market moves.

EURUSD is in bounce territory now around 1.43, which could take it to the 16.4% (1.447) or maybe even the 31.8% (1.46) levels. The longer term trend is definitely down now, so we might see 1.408 by the end of the week. Note that we even have a combined Fib level on 1.375 within the next 6 weeks.

Unfortunately, i won't be connected most of this week so there will be no daily market update.

Next report scheduled for next Sunday.

Wishing you all the best for the festive season.