Razvan

EURUSD - Has a story to tell

FX:EURUSD   Euro Fx/U.S. Dollar
3847 14 9
Do not underestimate the power of price patterns, support/resistance , and Fibonacci. What others may consider old and useless, a quick look over the EURUSD             price action would contradict them. From November to present time we can see that the wedges worked beautiful, before the end of 2012 the rectangle was the king, and afterwards the triangle took its place. The support and resistance zone worked fantastic and we can see that 1.2875, 1.3, 1.3150 and 1.34 are the stars of the show. This zones combined with 50% retrace (the big love of euro             dollar, from my point of view) but also the Fibo levels 61.8 and 38.2 worked together like a Swiss watch.
As a conclusion we might expect a consolidation between 1.34 and 1.3260. If the rise will continue over 1.34 than 1.3450 will be the next target. Good news from USA today (Building Permits, Unemployment claims and Philly Fed) might trigger some appetite for risk and sustain the euro             appreciation.
Yoda
4 years ago
I agree entirely .Only PA and zones of supply and demand .Subsidiary level fibo and bases of waves Eliot.
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Razvan
4 years ago
Euro weakens after very good data from US (Unemployment claims 335, 5y low, and housing starts 0.95m at 4y high), for the moment the dollar is preferred, DJI, S&P and Russel up up up...oh not to forget about DAX30 :D
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mantasg Razvan
4 years ago
I don't think that this is signal that dollar is preferred now, dollar showing srenght when economy is week :) it worked for me 3 years maybe one day it will change :) nice chart
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Razvan mantasg
4 years ago
it was prefered just before the Philly Fed :)), i know that you are talking about risk aversion, but after those publications it was a classic reaction, and proof came with the manufacturing index under estimates euro went up.
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Razvan
4 years ago
Spain's industrial orders -4% y/y, eurusd rejected from 1.3398, keeping it in the 1.3260 - 1.34 range
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Razvan
4 years ago
let's see, range or double top? what do you think, i believe that UoM Consumer index might tell us more today...
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QuantitativeExhaustion PRO Razvan
4 years ago
With lower gasoline prices. Consumer confidence will be positive. However, I expect gasoline to move much higher and very soon.
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Razvan QuantitativeExhaustion
4 years ago
This will conduct to a divergence with the yesterday Manufacturing Index. Now a better index would help the dollar and we could see a double top formation (plausible), or we will have a risk appetite and the range will continue. The economic data that came today from EU was not that good.
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QuantitativeExhaustion PRO Razvan
4 years ago
Possible range.. I agree. Shorts are taking note of the similar patterns of the months leading to 2011 debt ceiling impasse and today's 2013 debt ceiling impasse. We may peak just days before the hard deadline date of the the Treasury debt ceiling solutions are exhausted
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Razvan
4 years ago
Well, it has consolidate and now is heading for 1.3450, good fella this EURUSD - IFO over estimates 104.2, pushing it to the target
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dedenfd
4 years ago
Dear Razvan, could you update this chart ?, I like to learn more , I adopted this method and It works like charm :-)
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dedenfd dedenfd
4 years ago
Dear Razvan, this is my chart, I still have problem spotting the pattern..

http://primuspersada.com/images/melukis-suka2-2.png
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