Items Tagged With EUR/USD

I'm sticking with the dollar versus the euro and went short on the pair again at 1.789.  It is trading at 1.1761.

I was reading an interview with a  trader who says that some reliable signals come from using the EMA(10) and EMA(20) crossovers for buy/sell opportunities.  I think I remember him saying he uses it with hourly charts. 

I added the EMA(10) and EMA(20) to my EUR/USD charts and I looked at the hourlies for the last 40 days and some of the signals from the crossovers have been in advance of a significant move. 

I've been watching the EURO today and it has been quite volatile.  It is currently stalled on resistance and I'm looking for a bounce and a breakdown.

 If 1.1820 is broken, next resistance is at 1.1842 (38.2% fibonacci) and then 1.1905 (50% fibonacci)

With the inability of the dollar to break the 1.1774 barrier, I opened a reverse position and went long on the euro.  I'm thinking very short term with this move and set a tight spot right below the 1.1774 barrier.  Since doing so, the pair is trading at 1.1816 for a 40 pip profit. 

I'm protecting myself by setting a 10 pip trailing stop at 1.1808 to preserve a profit.   

The EUR/USD didn't quite hit my predicted support line but got pretty close before going back up where it now trades at 1.2031.  I set a trailing stop last night at 1.2004 before going to bed and it was hit on it's way back up in the European trading session.  So I made a 50 pip profit on this trade. 

I am sticking to my previous prediction that the USD will break down within the next few weeks.  Until then, I see the pair range trading between 1.2100 (projected target next 24 hours) and 1.1950. 

From the daily charts it looks like even though the USD has been relentless against the EURO, solid support exists at 1.1896.  I'm going to continue to watch and may be looking at going long on this pair.  The 38.2% fibonacci for monthly high and today's monthly low is 1.2180.  The one thing that is concerning is that all statements out of the US today point toward interest rates increasing.

Seeing I don't want to make any rash decision before the weekend, I will keep 2 open positions into next week. The 2 positions are the following:

1. Short EUR/USD at 1.2103 (-23 PIPS)
2. Long GBP/USD at 1.7801 (-198 PIPS)

First, let me say that part of the reason I entered into the long position was because of a commentary I read from Thompson. I try not to listen to the hoopla from anyone except for me but I got sucked in this time. Make it a rule to never listen to what anyone else says. Do your own homework and I'll do mine.

My strategy for Monday is quite simple.  This is assuming the Dollar will have a clear direction on Monday. If not, I will put it off until it does. Once the direction is established, exit 1 of the 2 positions. So if the dollar is looking bearish for the day, I'll exit position 1 above. If the dollar is looking bullish, I will exit position 2. Have a good weekend.

-W

I gained nothing and lost nothing today.  It really is tough to trade at my full-time job.  I'm hoping that if I can successfully trade with my existing funds, I'll quit my job and work for myself.  I have a lot of fun trading and would love to do it full time.

I had EUR/USD positions that I opened and closed within minutes because of my inexperience.  I forgot that the ECB Interest Rate Decision is in the early morning and the currency pair may be volatile. 

The ECB are expected to raise rates to 2.25.  This may have meant gains for the euro against the USD but with the bullish US reports this week, traders sentiment for the potential of more than 2 rate increases by the Fed has increased.

I've been sticking with the dollar against the euro and will probably continue to do so but I'm concerned about the support the dollar hit today at 1.1670.  In addition, a 61.8 % fibonacci retrace...