The EUR / USD has a neutral short-term prognosis after yesterday were quite undecided. Globally the price is in a bullish phase from 1.31445 to bounce off and break the bearish channel as you can see from the graph. This rise has found a good resistance at 1.3913/50.
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On Friday the pair USD / JPY tumbled to an intraday low of 75.83, a level not reached since Japan revalued its currency after the Second World War. A weaker U.S. dollar against the Japanese yen came an increase in risk appetite resulting from the expectations to the meetings of the EU on the crisis of the euro area that inspired a wave of dollar selling.
Another possible explanation for the escalation of the yen against the dollar is breaking important technical level for the USD / JPY. The pair had been testing the support 76.00 for weeks, so that the price action could have triggered this wave of sales.
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EUR / USD
For the day today we might consider opening a long position if the price were to break the 1.3960 upside share, with the first goal at a height of 1.3980 and 1.4000 share for the second goal. If the price of this share exchange ratio should instead break the downward 1.3880 share, we could open a new sales position with the first target 1.3860 and 1.3840 with the second goal.
EUR / GBP
For the day today with respect to this cross currency could open a new long position if the price were to break upward the value of 0.8720, 0.8740 part by setting a goal and first goal as a proportion 0.8760 seconds. If the price were to break downward the value of 0.8670, then we could open a new short position with the first target 0.8650 and 0.8630 share of the second goal.
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We saw in the last article that one of the advantages to forex price action with is to be able to focus on prices. Most systems based on indicators contains so many details and so many variables to control demands that often can barely see the trend of the price. Indeed, if we consider that the man can concentrate on only one or two things at once you understand how to evaluate both the indicators and the price can be a difficult thing. Those who do forex price action, and practice on what really matters, namely the price and its rapid behavioral changes, can adapt quickly to changing market conditions.
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D-day for Europe and its currency with the end of the summit of European heads of state tonight. Many people expect much but it is also likely that in the end it is not much and that eventually the markets will be disappointed. Ausi, the challenge will be to translate this into our strategy. Moreover, the bailout of the Euro zone will be revealed this evening. Our board of the morning, faute de mieux, it will last points upward and downward. Namely, the area of 3940/50 is for sale with stoploss of 3955/60. In above 3960, the price should move quickly to see 3980 4020.
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EUR / USD
For the day today we might consider opening a long position in case if the value should break the rising share of 1.3950, with the first goal at a height of 1.3970 and 1.3990 share for the second goal. If the price of this share exchange ratio should break the downward 1.3830, we could open a position in sales by placing the first target 1.3810 and 1.3800 in the second goal.
EUR / GBP
For today’s the day we open a new long position if the value of this exchange should break the rising share of 0.8720, with the first goal at a height of 0.8740 and 0.8760 share for the second goal. If the price of this exchange ratio were to fall on the contrary decrease the value of 0.8680, we could open a short position by fixing our first goal at a height of 0.8660 and 0.8650 share our second goal.
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This is the question that thousands of analysts should be doing and whose answer is not easy to find. The weekend European leaders met to advance the rescue and bailout policies of the complicated economic situation and we know that Wednesday 26 will be a key day for the markets because they announced the result of these negotiations and plans of action.
Despite the crisis and the uncertainty of what happens in the coming days, the stock markets and the major stock woke up on Monday and pulled upward to exchange more liquid creating an appetite for risk. In this context it is a fact that in the short term, the EUR / USD has every intention of seeking the coveted approx 1.4000 and advances candle after candle to that goal. Will the big players in the market and know what will happen on Wednesday?
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We see in this article are some reasons why every trader should consider forex trading according to the price action as an integral part of the range of trading instruments.
First, we can say that the price action provides the data more closely related to the trading representative in real time. When does the following forex price action leads to a series of interesting information about markets, not filtered through mathematical calculations that characterize the often ambiguous indicators. Often the action is less vulnerable to price volatility due to fundamental news. Most systems based on indicators creates great confusion in terms of volatility when they are released reports of fundamental analysis, with the risk that you may create unreliable signals. With specific training on the price action could also exploit news events to be able to collect large profits.
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The ‘Europe is becoming overwhelmed by concerns about how the’ Italy could become the next Greece, that needs a bailout to avoid the worst. While waiting for the parliamentary vote in Germany for a global response to the debt crisis in the euro area before the second Wednesday on emergency EU summit, the ‘European Union is setting up a plan to buy Italian government bonds. The Italian government bond yields are still poised and close to the level of six percent, which is why you start to think of our country.
The ‘Europe that Rome wants to deliver the measures that they can show that there is no risk that Italy will become another Greece. In response, Berlusconi said that no one has nothing to fear, adding that there is no need to receive a lesson from the European economic partners. Meanwhile, Berlusconi has called yesterday for an emergency meeting of the Cabinet, but did not find even of the agreements on pensions and their reform.
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Discussions continued yesterday in Brussels and parity remained in the range between 3820 and 3940. Normally, the market should remain stable until tomorrow days of the submission of a plan to end the Crisis. Our board of the morning to the moment we will keep the same reference as yesterday, namely, sell the high points of 1.39/3920/40 with stoploss in 3955/60 to 3880/50/20 and we buys the same points with stoploss of 3795. In terms of technical indicators, MACD is bearish 30 mins this morning as yesterday which refers parity under 1.39.
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