EU on June 15 2011

Target achived = 32 pips

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The EURUSD moved modestly higher again today. However, price did close well off the day’s high. Support sits near 1.4320, whilst price is above this support it is likely to move drift higher to sideways. Resistance comes in near 1.4700. If price breaks below support near 1.4320, we could see a larger move lower.

GBP USD June 15 2011 - A pin bar

A pin bar/shooting star on Daily Candlestick of GBP USD pair. I might consider on the London opening...

314 PIPS so Far!! EURUSD May in Wave 2 Formation

Above are the continuation of my analysis for EURUSD for daily chart. In 16 Jan 2010, I predict that EURUSD was in Wave 1 formation. My entry strategy is Enter at the Low of the Friday Price (15/01/2010). As a result, the price move in favour and make a movement for 314 PIPS!! The latest Swing Low had been made later at 1.4022 (21/01/2010). I might say that EURUSD may in Wave 2 formation. Below are my EURUSD analysis for next week action.

Currency: EURUSD

Time Frame: Daily

Indicator Momentum: Bearish Oversold but nearly bullish crossover.

Pattern: Possible of Wave 2 of 5 Wave Impulsive Pattern

Price: Bullish Engulfing at Friday Candle (22/1/2010). Beware of false signal, market still very bearish. Price are moving to the Fibonacci 38%.

Entry Strategy 1: Trader may consider long after bullish crossover at the stochastic (Short Term Strategy especially on the smaller timeframe).

Entry Strategy 2: Wait for the completion of Wave 2 before considering short (Long term Strategy). Trader may consider the 22/1/2010 Low at 1.4022 to enter short.

EURUSD in Wave C Pattern 17 Jan 2010

Currency: EURUSD

Time Frame: Daily

Indicator Momentum: Bearish

Pattern: Possible of Wave C of the ABC Correction

Price: A signficant Bearish Rejection occured at Fiboncacci 38.2% (1.4571). Second, the 34 EMA act as a strong resistance to the current price and cluster together at the Fibonacci 38.2%.

Entry Strategy: Go short. Trader may consider short at the Low of the Friday price at 1.4336

EURUSD Possible of Wave 3 Pattern

Momentum Indicator: Overbought
Pattern: Possible of Wave 3 Pattern.
Entry Strategy: Do nothing...market are very volatile. Wait for pullback to enter long/buy.

Bullish EURUSD Possible Wave 3 of 2 Impulsive Pattern

Momentum Indicator: Very Bullish
E-wave Patten: Probable of Wave 3 of 2 Impulsive pattern
Entry Strategy: It is ok to long/buy

A Possible Wave 3 in GBPUSD?

A possible wave 3 at GBPUSD...