EURUSD Price Action: Fakey with Pin Trade Setup, June 30, 2013

 

 The EURUSD has given a trend continuation Fakey Setup after price failed in its attempt to rotate higher following the inside bar trade setup from Thursday's close. The failed bulling retracement has lead to the formation of a Fakey with Pin Trade Setup which should send prices even lower in the coming week.

EURUSD Price Action: Closing Price Reversal Trade Setup, June 25, 2013

 

 The Euro has closed as a closing Price Reversal Setup. Price had continued to sell off in early trading only to rebound and close just above the open of the previous candle leading to the formation of the Trade Setup. Expectation are for price to continue north targeting resistance as shown above.

EURUSD Price Action: Inside Bar Trade Setup. Against Market Open June 16, 2013

 

 The last time I ran a commentary on the EURUSD was May 30. My focus was on its bullish breakout. Price has continued to aim higher with no signs of slowing down. However, Friday's close did send a signal of a possible rotation back into near Support at about 1.3250, after the day ended as an Inside Pin Bar Price Action Trade Setup. That Support zone should also interest buyers as the bullish strength on this pair lacks any real signs of ending at the moment.

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EURUSD Price Action: Breaks out Range Bound Market. May 30, 2013

 

 The trade room had gone short yesterday in anticipation of contunation of the about 100pips range bounded market but price broke north hitting our stop. This leaves a completely new bias on the pair. Long entries would be sort as price rotates into New Support.

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EURUSD Price Action: Range Bound Market. May 29, 2013

 

 My last Trade commentary on the euro was a complete give away and anyone who went with it completely, would have had a basket full of pips at this time. After the Pin Bar Price Action Setup, price moved lower and hit Key support but was unable to break through it. Subsequently, price moved back into resistance and it also seems reluctant to break away yet again. Price is therefore in a range of about 100pips and savvy price Action traders would have come out with about 200pips from the sell off and subsequent demand. I was in on so many trades and barely traded the euro in all of the rush but Ive managed to make a new entry at about Key resistance and my target still would be the key support.

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EURUSD Price Action: Pin Bar Price Action Trade Setup. Against Market Open May 26, 2013

 

The EURO again faced bearish pressure as it hit the 1.3000 Key Resistance Zone. A Pin Bar ensures as a result and expectations are for price to sell into Support at about 1.2840, while a break of that resistance would completely alter the bias on the pair from bearish to bullish. 

My Recommendation: Sell the pair at about 1.2950 with stops above 1.3000.

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EURUSD Price Action: Breaks Key Support after Fakey Trade Setup. May 10, 2013

 

In my last commentary on the EURO, I pointed out a Fakey setup as well as the fact that price was sitting on support at the close of trading for the day. The scenario is now hugely different as the support gave way at the close of trading Friday. If this break is sustained, price will make a dash at 1.2840, the next key support.

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EURUSD Price Action: Pulls Lower following a Fakey Trade Setup. May 9, 2013

 

The euro got sold off after a fakey setup. The Fakey was as a result of price failure to close above the previous inside bars, leading to a false break and with the coupling effect of the resistance above which it could also just manage to touch, the bears took hold and sent it back down into support zone. I had mentioned that the pair looked to be constrained within a range in my previous commentary on it.

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EURUSD Price Action: Inside Pin Bar Price Action. May 7, 2013

 

 The EURO now looks set to be constrained within a range between 1.3200 and 1.2950. The Inside Pin Bar Trade Setup could trigger further bearishness on the pair, into the Range Support as depicted above.

The Trade room will be bearish based on this setup.

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EURUSD Price Action: Pin Bar Price Action Setup explodes lower. May 2, 2013

 

 1.3200 zone has shown to be a strong rock holding down the euro. I did point that traders should keep an eye on price action around this zone. A pin Bar, formed at the close of trading yesterday has lead to a massive selloff of the pair. It could be argued that the ECB president was responsible for this move with his very Dovish Press Conference but Price Action had prepared us for this with that Pin bar.

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EURUSD Price Action: Explodes higher from Inside Bar Price Action Setup, 30/04/2013

 

 The EURO has exploded higher, following the Inside Bar Price Action Setup Spotted in my last commentary on the pair. It remains to be seen if the recent high at about 1.3200 will halt this very strong bullish move. If it doesn't, we would anticipate a reversal as it moves into the Key Resistance Zone as indicated above.

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EURUSD Price Action: Inside Bar Price Action Setup, 27/04/2013

 

 I had expected a resumption of a down trend following the Pin Bar on the Euro at the close of Trading on Thursday 25th April, but there was a significant reluctance on the part of traders to sell this pair hence, we ended the day with an inside bar Price Action Setup. Following this setup, I would expect a bit more bullishness on this pair and watch reaction of the pair as it approaches the resistance zone as indicated above.

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EURUSD Price Action:Fakey With Pin pulls off, hits minor support 24/04/2013

 

The Euro pulled higher today after hitting minor support at about 1.2950. While I still expect further bears on this pair, it is important not to discount this support zone which holds the key to lower prices. Price had initiated this bearishness following the Fakey with Pin Price Action Setup four days back.

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EURUSD Price Action: Pulls higher after Inside Bar, 09/04/2013

 

Price has continued to pull higher after the Closing Price Reversal Price action Setup of the 5th April. An inside Bar Price Action setup which also closed above resistance has also acted in sending prices even higher. Immediate target is seen at about 1.3162 which is is the near term resistance.

My Recommendation: Stay bullish

EURUSD Price Action: Closing Price reversal/break out 05/04/2013

 

EurUsd broke out of a 6days trading day range at the close of the days trading session with a Closing Price Reversal Price Action Setup. This seems to be a clear pointer to higher prices in the coming days. I did mention that I would be hesitant on taking any trades on it yet based on 03/03/2013 Closing Price Reversal Trade Setup and we now see why.

My Recommendation: Look out for long entries on the intraday time frames.

EURUSD Price Action: Closing Price Reversal Trade Setup, 03/04/2013

EURUSD failed in its attempt to break above resistance at about 1.2870 giving off a Closing Price Reversal Price Action Setup. If this failed break is sustained, price would head lower in the coming days.

My Recommendation: One more trading day's close is needed to ascertain if this setup is trad-able.

EURUSD Price Action: Fakey Setup, 02/04/2013

 

 The Fakey setup on this pair should be able to send prices higher pending its ability to break above resistance just above at about 1.2870 with target about 1.2994. But if the Resistance fails to give way, the major bearish trend should kick in. The trade room is already long on this setup.

My Recommendation: If you aren't already long on this pair, wait out price action at resistance.

EURUSD Weekly/Daily Price Action: The week ahead 11/03/2013 - 15/03/2013

 

The euro continues to face significant bearish pressure, given that we have had a consistent sell-off for the past 5weeks and with this week still closing slightly below the close of last week and also ending as a pin bar off the dynamic and horizontal resistances, more bears should be expected in the coming weeks.

 

 The daily chart shows that the euro still frets about support. I pointed out a bullish double bottom/outside bar setup on it last Thursday but advised that we stay neutral and wait for a bullish confirmation on the daily or 4hour intra-day time-frame. So far, that hasn't happened, instead, priced pierced the previous double bottom low, an indication that the bears are still very much in control.

My Recommendation: Wait for stability and a good price action setup on the daily chart. 

EURUSD Price Action: Double bottom / Outside Bar Trade Setup 08/03/2013

The EURUSD has found support, obvious from the Price Action double bottom and outside Bar Trade setup on the daily chart. If this support holds like I expect it to, we could then be in for a change of trend in the coming days. 

My recommendation: Stay neutral and wait for another bullish confirmation on the daily or 4hour chart. 

EURUSD: Inside Bar at support pushes price slightly higher. 06/03/2013

EURUSD pushed slightly higher from the inside bar trade setup at support, formed at the close of trading yesterday. I did point out yesterday, that it was necessary to wait this trade out and see if price can manage to rotate into resistance at about 1.3170.

My recommendation: Stay neutral