Profits taken on EURUSD Sells

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Sells taken on EURUSD today from 1.3745 area. Alignment of a few technical trading indicators provided a barrier that proved to give this pair some resistance today. On the daily chart there was a test of the bottom of the previous up trend line and the .382 fib of the most recent downtrend. Drilling to the lower compressions we can also look back to Oct and Nov and find other support and resistance along this same price level. Profits posted as the market reached towards the 1.3700 area and former resistance on the 1 hour chart. A break of the 1.3745 area could begin a new leg higher so caution is stressed on the break above. confidence will grown on the downside on the break of the up trendlines on the 4 hour chart.

 

Technical Trading Update Jan 25 2011

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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.

EUR/USD – Current 1.3605

Overview – 4 hour retracement trend has moved up nicely from the 1.2900 area to the upper 1.3600’s. Now looking for a potential break of the 4 hour trend line to begin falling again.

Resistance – 1.3685 / 1.3745 / 1.3797 / 1.3866 / 1.3949

Support – 1.3576 / 1.3490 / 1.3413 / 1.3279 / 1.3185

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GBP/USD – Current 1.5770

Overview – Large reaction to news

Technical Trading Update Jan 20 2011

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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.

EUR/USD – Current 1.3470

Overview – Break of the daily trend line this week has given rise to test 1.3500. So far unable to break resistance at 1.3485 but holding above previous resistance at 1.3415. More upside expected on break of 1.3500 otherwise a fall below 1.3400 could see a move back to 1.3200.

Resistance – 1.3485 / 1.3580 / 1.3693 / 1.3743 / 1.3797

Support – 1.3413 / 1.3279 / 1.3185 / 1.3075 / 1.2986  /1.2890 / 1.2810 / 1.2750

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GBP/USD – Current 1.5930

Overview – Fall from 1.6050 gave nice profit

Technical Trading Update Jan 17 2011

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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.

EUR/USD – Current 1.3300

Overview – Early this week we are seeing the potential break of the daily trend line that has been down since the beginning of last November. The price has found resistance at 1.3400 but a break will look for the next extension higher. The next major support break comes through 1.3075.

Resistance – 1.3335 / 1.3313 / 1.3485 / 1.3595 / 1.3693

Support – 1.3185 / 1.3075 / 1.2986  /1.2890 / 1.2810 / 1.2750

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GBP/USD – Current 1.5910

Overview – Daily Fib near 1.5930 capping

Technical Trading Update Jan 12 2011

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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.

EUR/USD – Current 1.3027

Overview – So far this week the EURUSD has been locked in a trend channel drifting from the 1.2880 area to the mid 1.3040 area. A clean push higher will test previous supports near 1.3090. More downside could be expected on a break below 1.2885.

Resistance – 1.3045 / 1.3085 / 1.3140 / 1.3190 / 1.3215

Support – 1.2970 / 1.2923 / 1.2890 / 1.2810 / 1.2750

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GBP/USD – Current 1.5675

Overview – Much like the EURUSD this pair has been drifting

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Trade Recap USDCAD

Technical Trading

Want FULL ACCESS To ROSS’ DAILY TRADE ROOM? Simply Click The Get Started Button Right Now! Sell posted to TAP today at 10:06am selling at 0.9980. Market held resistance as expected under 1.0 and trend line. Fib of previous down move put .236 at .9978 giving additional confirmation of resistance there. Support targets back to…

Technical Trading Update Jan 10 2011

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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.

EUR/USD – Current 1.2925

Overview – Supports along 1.2890 area holding bottom side pressure for now. A confident break of this support will look for the next slide to 1.2800 and 1.2750. Resistance will likely be seen near 1.2975 but a push could send it higher to 1.3080.

Resistance – 1.2975 / 1.3035 / 1.3080 / 1.3148 / 1.3190

Support – 1.2890 / 1.2810 / 1.2750 / 1.2670 / 1.2625

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GBP/USD – Current 1.5540

Overview – Consolidation is dominant viewed on the

Forex Trading Times – The Market Never Sleeps

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No exaggeration meant; the Forex trading market actually never sleeps. It is a 24 hour market, and the currencies can be traded at any and every time. However, it would not be wrong to say that there are certain times during the day, which are better to trade the Forex. Timing indeed is crucial in the Forex market, as selecting the best time for currency trading is a good way to maximize potential profits from each trade. It is one secret that expert traders are well aware of!

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