EUR/USD Trend For Today: FOREX Signals

[fxcapitalvia]

EUR/USD remains in a narrow range below the 78.6% retracement of the March to April decline near 1.3900
Our near-term trend bias higher in the Euro while over 1.3730
A push through 1.3900 is needed to trigger a new leg higher, but traction over 1.3970 is really required to confirm any sort of meaningful strength
A cycle turn window of some importance is seen next week
A move under the 2nd square root relationship of the year’s high at 1.3730 will turn us negative on the Euro

EUR/USD Strategy: Like the long side while 1.3730 holds.

Trading Levels:
Support: 1.3830- 1.3730
Resistance: 1.3900- 1.3970

For Signals Please take a look @ Marketlive365.com

 

[TrendTracker]

A 100 pip support??

"Support: 1.3830- 1.3730"

Hi! I'm at a loss here... maybe you could explain your analysis a bit. I'm looking at several different timeframes but can't really see your point in stating this support area. There has been a lot of fluctuation between those two levels... it doesn't in my opinion create a valid support.

Cheers!

TT

 

[fxstrategist]

Eurusd

The EURUSD is pulling back to the 1.3900 level from where we may see a bounce to the upside.

 

[peeterwoolf]

We are certainly seeing the bounce to the upside right now. But what will happen after the ECP, let's wait and see.

 

[fxstrategist]

Eurusd

The EURUSD can still drop some more and reach the 1.3800 level. Good support for the pair.

 

[honeill]

Draghi’s dropped yesterday an unexpected bombshell that the governing council is comfortable with acting next time, speculating on an easing policy in June.

 

[peeterwoolf]

Well, the market will be extremely disappointed if Draghi decide again decline to do anything next month.

 

[fxstrategist]

Eurusd

Can there be a gap down on the EURUSD for Sunday? The pair closed pointing down and there could a continuation of the drop.

 

[peeterwoolf]

There is a continuation of the drop.

 

[psaTrading]

It seems so!

 

[fxstrategist]

Eurusd

The EURUSD is on hold until the German Zew is released tomorrow. The 1.3800 stays as resistance and the 1.3700 as support.

 

[psaTrading]

Euro
According to charts, on a medium term view, with expectations that the European Central Bank (ECB) will undertake easing measures, any policy moves could provide the basis for a potentially strong upward eur/usd.

 

[fxstrategist]

Eurusd

The EURUSD still consolidated around the 1.3700. ¿Will it break or bounce? The downtrend is still intact, therefore, we could see a continuation to the downside, but the pair is clearly oversold and we may see some profit taking from the bears.

 

[peeterwoolf]

This pair did break 1.37 level and continue down, clinging to 1.3670 range. Will it bounce back?

 

[fxstrategist]

Eurusd

And the EURUSD closes above the 1.3700 level. Looks like a reversal point is forming around that round number.

 

[Forexmospherian]

EU - from May 8th - a 350 pip fall - is that it now ?

Hi Guys

From the high on May 8th at 3993 - we have now yesterday seen an approx 350 pip fall to 3648.

Could that be it for now ??

It terms of gameplay - its taken out all bull stops I should imagine - and maybe a lot of bear stops were above 4000 but many at 3970 area

I am an intraday short term trader and so not bothered where price goes - but 3650 was a support area - and therefore might that be it for now?

Look forward to all theories etc -

I need above 3736 and say 55 to be scalp buying more - and back under 3700 and 3690 for more scalp sells - (on an approx basis)

The more thoughts the better

Good Trading to all


Regards


F

 

[peeterwoolf]

Hi Guys

From the high on May 8th at 3993 - we have now yesterday seen an approx 350 pip fall to 3648.

Could that be it for now ??

It terms of gameplay - its taken out all bull stops I should imagine - and maybe a lot of bear stops were above 4000 but many at 3970 area

I am an intraday short term trader and so not bothered where price goes - but 3650 was a support area - and therefore might that be it for now?

Look forward to all theories etc -

I need above 3736 and say 55 to be scalp buying more - and back under 3700 and 3690 for more scalp sells - (on an approx basis)

The more thoughts the better

Good Trading to all


Regards


F

Good point, it's difficult to see where is this pair going, intraday short seems a good idea.

 

[fxstrategist]

Eurusd

More oscillations of the EURUSD around the 1.3700 level. For now this support has been holding. Lets see if by next week it either goes back up to the 1.3800 level or breaks the 1.3700 to the downside.

 

[ronaldm]

GBPUSD outlook on 19 May

It shows that GBPUSD has found a support around 1.6760 level by a horizontal support and fibo 61.8% level of recent low and high. Now bullish movement expected again targeting 1.6920 area. But a break and close below 1.6760 on daily chart can make this scenario invalid.

More on GBPUSD here >>

 

[honeill]

Got whipsaw today on EURUSD and GBPUSD!!!