EURO EURUSD double-top sets up a retracement

FX:EURUSD   Euro Fx/U.S. Dollar
1503 16 6
See the comments on the chart.


Technical Tim
10:37AM EST Tuesday, Oct             23, 2012
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Your inital trendline if exended out to where price currently is, it wasn't broken yet. Would it be better to wait for a break of the longer trendline, before entering short?
timwest PRO matt_forex
Did you catch the short when it broke?
This trade is looking good right here. I can lower the stop to break-even after all of this time and it is breaking down as we speak. So, tighten (lower) the stop to 1 average range for a trailing stop also.
Dopam timwest
Not much left in the tank. Channel will resume shortly. Although, I believe you're eventually going to be right on price, not on time. end of Jan. target price for Euro 1.335
look at all these forecast at Fx Street on th EUR/USD http://www.fxstreet.com/technical/currencies-forecast/?pair=eurusd&time=2012-307 ....not to add confusion to the matter its just good to see the history pattern ..i believe price will go to 1.2500 area
Setup: Symmetrical Triangle Strategy Weekly Chart EUR/USD
With the EURUSD under 128 this morning, I'm going to close out this trade ahead of the election tomorrow. I view the break of obvious support as a reason to cover as the sellers in the market are likely only "technical" in nature and therefore not long-lasting. I think that after the election there will be significant market trends that emerge and I want to be fresh and ready with no positions in the market. The polls are too close to call for the US Presidential election.
EURUSD is "in" the target zone box I labeled. I am exiting my shorts.
still looks good. congrats.
Thanks Lena_W3 :-)
Some say the dollar will become stronger after the elections no matter who becomes the U.S.President
timwest PRO exploration
I will keep watching the fundamentals evolve and watch market action and when a trade sets up with low risk, I'll do my best to highlight it for everyone. Last night there were some early bulls on the EURUSD who took it up to 1.2870 immediately following the declaration of Obama's victory. That provided an EXCELLENT re-entry into this trade for me since I had covered the short under 1.28 the day before, ahead of the election. I am not a long term EURUSD bull, but rather I see both currencies slowly sinking against all other currencies as we slowly debase our currency due to our poor financial condition here in the US. Europe has equally poor, if not a bit worse, fundamental structure of their economy. Too much Government and not enough enterprise to support the current value of their currency. I view the Swiss Franc and Canadian Dollar as a far better place to be with cash holdings. I'm less optimistic about the AUDUSD due to their less than stellar finances also. Feel free to quote the "some" that you refer to and their reasonings for the dollar strength that "they" forecast. Thanks.
Nice call!
Thanks admin :-)
It must be getting close to a bullseye - even though I closed it prior to target. The proportion of risk to profit was excellent.
Wow!!! Congratulations on a wonderful trade and analysis.
Great analysis
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