If you take a look at the EURUSD daily or 4H chart it will look as if it was already rejected from the LT support level, but it hasn’t… yet:
EURUSD
I think it would be safer to start looking for long opportunities when the EURUSD breaks the 1.3927 for the upside (it’s pretty close though), only then I will be looking for long opportunities.
Trade Safe!
Raul Lopez
What do you think about EURUSD movements in the last two days? Interesting aren’t they (and better if you were short). I was thinking about how the EURUSD weekly chart would look like, and here are my conclusions:
EURUSD
- It started to range at the long term support level, first it broke the shorter term range for the upside, triggering a bullish market condition, but then it came back to the range.
- Then it (strongly) broke through the important LT support level and it will probably continue in this way until it hits the next LT support level.
Now, remember we are talking about the weekly charts, and it could take the EURUSD a few weeks to get there. What we are sure though is that it is in a very clear bearish market condition in the 1W charts.
Trade Safe!
Raul Lopez
The EURUSD its been trading in a medium term range in between 1.4508 and 1.4316. Apparently it is being rejected from the support level at 1.4316:
EURUSD
We need further confirmation though to start looking for opportunities, because right now it is trading near the short term resistance level.
My Plan:
If the EURUSD breaks 1.4387 for the upside I will be looking for long trade opportunities
If the Euro breaks 1.4335 for the downside I’ll be looking for short trade opportunities.
Trade Safe
Raul Lopez
Hope you all had a great and relaxed weekend because I think we could see pretty interesting moves this week.
The EURUSD is trading near a long term support level, 1.4517 and it has created a short term range in between 1.4540 and 1.4488:
EURUSD
We need a further confirmation in order to start looking for a trade opportunity.
My Trading Plan:
If the EURUSD breaks 1.4540 for the upside, I will be looking for long trade opportunities.
If the EURUSD breaks 1.4488 for the downside I’ll be looking for short trade opportunities.
I will do nothing it the Euro keeps trading in between the short term range.
Trade Safe!
Raul Lopez
Even though there has been a small retracement in the EURUSD in this session, we are still in a bearish market condition:
EURUSD
Last Friday the Euro broke an important resistance level, so it is likely to continue its way down until it reaches the next long term support level around 1.4517.
Here is my trading plan:
As long as the EURUSD trades below 1.4683 I will be looking for short trade opportunities. My next LT support level is at 1.4517
All long opportunities will be ignored.
Trade Safe!
Raul Lopez
Finally the EURUSD broke the top of the 4H range it traded for about 2 weeks:
EURUSD
It is in a clear bullish market condition, meaning only long opportunities are in play.
Here is my trading plan:
As long as the EURUSD keeps trading above 1.5038 I will be looking for long trade opportunities. The next long term resistance level is around 1.5340
All short opportunities will be ignored.
Trade Safe!
Raul Lopez
free trading sessions (which you can subscribe from here).
Today the market is clearer than yesterday, we have plenty of trading opportunities in the EURUSD, USDCHF, USDCAD, GBPCHF and more. Please see the video for details.
In this video: Daily analysis on major forex currency pairs (and some crosses):
If you cant see this video you need to download this codec
Earlier we talked about the consolidation period of the EURUSD, please take a look at the next chart:
EURUSD
We have one problem though, the consolidation period is not very well defined, so we need to widen up the main support and resistance level. Anyway, we need to wait for the market to break either the support or resistance level to start looking for a trade opportunity.
My Trading Plan:
If the market breaks 1.4858, I will be looking for long trading opportunities.
If the market breaks 1.4593, I will be looking for short trading opportunities.
If the market keeps trading in between 1.4858 and 1.4593, I will do nothing (cant trade this range as it is not very well defined).
Trade safe!
Raul Lopez
Its been a while since the last time I traded the EURUSD, actually, there was one trade (long opportunity) but the market came back into the range. But now its clear, the EURUSD is officially out of the range, helped by the weakness of the US Dollar. Please take a look at the next chart:
EURUSD
What is better is that we still have some room before the market hits the next long term resistance level.
My Trading Plan:
Look for long opportunitiesin the Euro, all take profit orders will be placed below the next long term resistance level around 1.4653
All short signals will be ignored.
Good luck!
Raul Lopez
The EURUSD has been trading in a not very well defined range, making it almost impossible to swing or position trade this pair. Right now it is trading just at the top of that range, if it breaks it, it has a long way to go to the next long term resistance level. Please take a look at the next chart:
EURUSD
The major resistance level is marked by the solid blue line, the green lines mark the short term range that the EURUSD needs to break before we start looking for trading opportunities.
Here is my Trading Plan:
If the market breaks the 1.4345, I will start looking for long trading opportunities. The next resistance level is around 1.4653.
If the market keeps trading below 1.4345, I will do nothing.
Good luck
Raul Lopez
