If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
I decided to post another homework on this blog.
Ok, so what have the analysts and tipsters to say that is of interest to me today (also what do I have to say from my own analysis)…
EUR (Saxo)
Buy the break of 1.3437 target 1.35.
Sell the break of 1.3374, target 1.3305. Apply 30 pip stop.
Further weakness (of USD)Â for the potential bear stock market forming after corrections.
Let’s take a look at Euro today anyhow.
S3 1.3369 hit 71 and formed long shadow on hourly chart
S2 1.3385
S1 1.3395
Piv. 1.3411
R1 1.3427
R2 1.3437
R3 1.3453
(in reverse order)
Based on the pivot point levels I’m favoring catching small longs on a double bottom formation at 1.3371 and moving upwards. I will take small profits. It is also the 38% Fibo retracement of 1.3255 double bottom to 1.3437 last week. This support level is also strong from 8-13th June. So its a nice buy or break area. I want the double bottom though as it could form a strong bullish continuation.
Downside support at 1.3350, 1.3325 1.3315 and 1.3255
I am not entirely happy with the setup for EUR/USD as it doesn’t seem particularly overbought or oversold, so I will probably be scalping trades if I trade this pair, unless I get the double bottom on the 1 hourly/4 hourly chart with the support mentioned in which case I would look for a minimum of 10 pips if the market really starts to move, otherwise cautious profit taking on whatever I can get.
A clear break of 1.3369 for me is a possible sell, but I don’t expect the market to move south unless there is news that overides the technicals sufficiently.
A double top on the swissy at 1.2420 would also suggest to me potential for intraday shorts down to 1.2365. These things only go if I get the confirmation that the corrections of the big move between 6th June to 14th June are not over.
Positively, the long wicks/shadows if forming doubles on the next candle give me confidence that there are pips to be made.
Mizuho tip…Â Â
EUR
Comment: Nothing to add as we continue to hold just above the bottom of a large Ichimoku ‘cloud’. Note that one-month at-the-money implied volatility here has also dropped to a new record low of 4.60%. For this morning if we can hold above 1.3380 expect a squeeze to 1.3450/1.3480.
Strategy: Buy at 1.3425/1.3400; stop below 1.3320. Add to longs above 1.3440 for 1.3475/1.3500.
Looking at GBP/USD, downside to 1.9910 a break of which could see 1.9870 then 1.9820. The bullish short term trend back up 2.0060 would need break of 1.9946 which has formed a resistance. A good sell if we see that level hold again for small targets in my opinion.
