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.
I agree entirely .Only PA and zones of supply and demand .Subsidiary level fibo and bases of waves Eliot.
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
mantasg Razvan
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
Razvan mantasg
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.
Spain's industrial orders -4% y/y, eurusd rejected from 1.3398, keeping it in the 1.3260 - 1.34 range
let's see, range or double top? what do you think, i believe that UoM Consumer index might tell us more today...
With lower gasoline prices. Consumer confidence will be positive. However, I expect gasoline to move much higher and very soon.
Razvan QuantitativeExhaustion
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.
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
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
Dear Razvan, could you update this chart ?, I like to learn more , I adopted this method and It works like charm :-)
dedenfd dedenfd
Dear Razvan, this is my chart, I still have problem spotting the pattern..

Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out