GreenForexTrading.com
ForeX-tra Gr��n
Hello Everyone,
In this email I am going to give you my view on the market for the
Asian/London sessions in the market for today, spanning Thursday the
3rd to Friday the 4th of June 2010.
Currently the EUR/USD is hovering at 121.8. The Euro is in danger of
forming a technical pattern known as a continuation 'head & shoulders'
in which if the mentioned levels are not taken out soon then the
EUR/USD will get back to the recent lows as a bare minimum with a
possible snap-back also likely with a break below the 1.211 area. A
falling wedge is also evident. We are still in surprise news events
environment as well as dealing with central bank intervention to
support the EUR; as reversals in key currencies are failing so more
chop is expected but a big move is also expected (the reason for the
big stop on todays daily trade). This can be seen here in the EUR
chart here http://www.stockcharts.com/charts/gallery.html?$XEU
bounce and fail, bounce and chop...and another short term bottom.
Still in a strong bearish trend that is now oversold on the weekly
and with stop orders taken-out around 1.23 in the EUR/USD and an
expected wash-out move to 1.217 occurred (the 50% Fibonacci
retracement of the Euro Index prior 8-year rally). For the upcoming
month, a bounce is still expected to the 130.0 level. Longer term
(several months) a target of 112.1 is expected, coinciding with the
0.618 retracement of the Euro Index prior 8-year rally and a
declining trendline acting as support around that level. But for now
the EUR looks to be in collapse mode with central banks playing the
interventionist role of buying the EUR/USD...so expect chop. Place
your bets accordingly. All charts courtesy of www.stockcharts.com
<http://www.stockcharts.com/>
.
We tend to see the most price appreciation during the final stages
of a trend and we could have seen that on the US Dollar over the past
6 weeks The USDX is at 87.1 and looks to be finished in consolidating
before another big move which looks to be in the upside out of a
rising wedge formation. Rising wedges are terminal patterns, meaning
the dollars last hurrah...we will see...but the move should be
massive. The USDX daily and weekly chart seen here
http://www.stockcharts.com/charts/gallery.html?$USD
.
There are some reports of minor significance to trade through today.
In terms of the USDX and EUR pairs, we will mostly play the breakdown
in the Live Trading Room.
*The swing trade for todays Asian-London session is to SELL the
EUR/USD in the 1.218 to 1.219 area with a STOP @ 1.2220 and a TARGET
@ 1.200 for near 200 pips.*
* *
That's it for today. Remember that I trade in the Live Forex Trading
Room between 1am-6am Eastern Time. I will be hosting my regular 3-4
hour session and assessing and exploiting PIP opportunities as they
arise.
Enjoy trading and good luck everyone!
*Trade with Mr. GREEN for $39$ for a 1 week trial.*
* *
*Trades are issued in real time, including exact entries, exits and
detailed explanations. The service costs $99 per month. So go to
GreenForexTrading.com and take advantage of this special offer.*
*Mr. Green*
* *
*Risk Warning!** *Trading foreign exchange on margin carries a high
level of risk, and may not be suitable for all investors. Past
performance is not indicative of future results. The high degree of
leverage can work against you as well as for you. Before deciding to
invest in foreign exchange you should carefully consider your
investment objectives, level of experience, and risk appetite. The
possibility exists that you could sustain a loss of some or all of
your initial investment and therefore you should not invest money
that you cannot afford to lose. You should be aware of all the risks
associated with foreign exchange trading, and seek advice from an
independent financial advisor if you have any doubts. All information
posted on this website is of our opinion and the opinion of our
visitors, and may not reflect current situations and occurrences.
Please, use your own good judgment and seek advice from a qualified
consultant, before believing and accepting and acting upon any
information posted here or on this website.
--
If you do not want to receive any more newsletters,
http://greenforextrading.com/lista/?p=unsubscribe&uid=5d36db9c54fa6a6f89434fcfd3026d66
To update your preferences and to unsubscribe visit
http://greenforextrading.com/lista/?p=preferences&uid=5d36db9c54fa6a6f89434fcfd3026d66
Forward a Message to Someone
http://greenforextrading.com/lista/?p=forward&uid=5d36db9c54fa6a6f89434fcfd3026d66&mid=295
--
Powered by PHPlist, www.phplist.com --
No comments:
Post a Comment