FOREX EUR/USD Weekly 21st June 2008

"3-week cycle is a sell and failure this week to break the 3-week highs, and now moving below June's 50% level will push the Euro lower towards 1.5000

Next Week's view is a move up and then continuation lower.... The best set-up for the EURO to trade shorts would see price come up and test the 3-day highs. It could be Monday or the next day, but an ideal pattern is a move up into the 3-day highs and sell down from a higher daily open..."

Previous Weekly Report

Euro Weekly and Daily charts

Last Week's price action didn't follow through on the downside after moving back into the 3-day highs. There was resistance, but Friday continue higher pushing price back above the June 50% level.

Therefore if price is above the June 50% level, then expectation is pushing higher, but first I'd like to see a daily pullback next week and then use the 5-day 50% level to trade UP.

Euro 3-day pattern

Around each daily high last week there was resistance, with Thursday providing the reversal pattern, but the best set-up trading longs on Friday didn't come down into the level I wanted it.

Next week expectation prices are moving higher, but the pattern I would look for is a push up on Monday and then hopefully reverse back down into the 5-day 50% level....

  • All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
  • Exact levels shown for current day aren't confirmed until midnight GMT




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