[David Waring]

Each day I post my charts of the EUR/USD here for discussion. The latest post is the last post in the thread, which you can get to by clicking the "last thread" link in the upper right hand corner of the page.

I always encourage people to add any thoughts to my analysis and to remember that everyone including me is here to learn, so please feel free to also use this as an opportunity to ask questions and remember that the only dumb question is the one not asked.

Best Regards,
Dave
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Here are the full size images of the hourly and daily charts from our recently launched EUR/USD Trading Page. Each Day I will post the full size images here and so we can all share our thoughts on trades that may arise from this or add anything that I may have missed.

If you have any thoughts on the new section, comments are always appreciated.

--Dave

EUR/USD Daily 6.24.08

EUR/USD Hourly 6.24.08

[David Waring]

EUR/USD Hourly for 6/25/08

***Notice the run that the pair made once it broke above that 5590 level it has been tapping up agains on the hourly for a bit.

EUR/USD Daily for 6/25/08

***Is today's move the start of a potential breakout to the upside? Too early to tell in my opinion but will know more once we see the market's reaction off of bollinger band and especially the 1.5820 level. Trend is obviously still up.

Have some thoughts or trade ideas on the Eur? Hit the reply button and let me know.

--Dave

[David Waring]

Doesn't get a whole lot more accurate than that folks. If we break that bollinger band to the upside then I think you could see a nice run out of the pair and if not I think you could see it trade off off it to the downside rather aggressively as well. Which way do you think its going to go and why? Hit the comment button and let me know.

For more great EUR/USD commentary be sure to visit our new EUR/USD Trading page.

--Dave

EUR/USD Daily:

EUR/USD Hourly:

[David Waring]

For the second day in a row the upper Bollinger Band has acted as resistance in the EUR. The band now correspond's perfectly with the top of the range in the 1.5800-1.5820 range.

Range Traders will most likely be selling aggressively here with potential targets at the lower bollinger band and breakout traders will be watching this level closely for any break which may carry us through to 1.6023.

Daily Chart:

Hourly Chart:

[Houssam]

Hey David how are you...
well for me i've already sold the eur/usd and putted my stop loss at about 1.5832 and and i'm waiting to see what will happen at the oppening on sunday wish me luck Dave guess i'm gonna need it :P

[David Waring]

Hi Houssam,

I am doing well thanks I hope you are too.

Whats your profit target on this trade if you don't mind my asking?

Best Regards,
Dave

[Houssam]

Hi david well as for my profit target i am not looking for the market to move to the lower band you know the market has been facing a lot of resistance levels during it's way up so i've setted my profit target at 1.5620 as it acted as a resistance level my entry point was at 1.5762 and i'm waiting

[David Waring]

Hey Houssam,

Thanks for the reply I am doing well hope you are.

I see the support level that you are talking about and agree that this is and area that offered a good amount of resistance on the way up so may act as support on the way down.

The only thing that I don't like about range trades such as this is that they go against the primary and short term trend. As a result they also offer good risk to rewards if played correctly however as you have demonstrated here.

Will be interesting to see how it plays out.

Best Regards,
Dave

**Just my two cents from one trader to another, should not be taken by anyone in the forum as trading advice.

[Jerry]

Hello Dave...1st of all thank you very much for posting this sort of analysis on the eur/usd...I often come ocross this very dilema...is it going to break out of the 1.5800- 1.5820 area or return south again towards the 1.5470 level..?? problem is if you wait...you may miss the real move...or could get faked out and be on the wrong side anyway...Right of wrong..Im gonna tell you what I am doing...tell me if Im wrong or need pshycological analysis....
My opinion, will at minimum run into some resistance around 1.5800 level...looks like a triple top to me...this is also coming off a down couple of days in the dow...us dollar took some hits....Im hoping for at least a retracement at the 1.5800 area..and if it retraces to the 38%, then that puts it approx 1.5614...so Im going short EUR/USD..if it makes 35% level, then thats a nice 200 pips...thats good enough for me , without being greedy...so Im going short here, target at 1.5614, stop at 1.5875....What do you think?...Jerry

[Jerry]

Another thing Dave...and room.....dont forget the ECB may or may not have an iterest rate hike to 4.25%...on thursday...If they raise the rate...maybe eur/usd will break out of the 1.5800 resistance level...maybe we'll get a little pullback prior to thursdays news....just trying to put all the cards on the table....that news can help you or hurt you...Jerry