Hope you all had a great weekend!
What are your thoughts about the EURUSD?
Last week I was bearish because it was rejected from an important resistance level, and it actually reached the LT support level.
And now it looks like it is being rejected from the main support level:
Therefore, as long as it trades above 1.2738 I’ll be looking for long opportunities in the EURUSD.
Are you with me?
Cheers,
Raul Lopez
Forex Coaching
Hey, how was your weekend?
In a recent article I wrote about the EURUSD (and therefore the USDCHF). The way the EURUSD looked back then was terrible, no clear support and resistance levels, it was trading in an unclear and undefined range.
How on earth are we supposed to trade it that way?
But now things are different, the EURUSD broke through an important support level, and this puts it into a clear bearish condition. Let me show you my chart so you can see what I’m talking about:
Now you are with me, aren’t you? Or not?
So for now, I’m going to be looking for short opportunities on the EURUSD (and therefore I’ll also be looking for long opportunities on the USDCHF).
Are you with me?
Have a great week ahead!
Raul Lopez
Forex Training
Yesterday I received an interesting email, a fellow trader asked me how come I never analyze the EURUSD?
This was my answer:
I do analyze and trade the EURUSD, I just think that right now it’s not the right time to trade it.
You see, what I try to do each day is analyze both, the long term and the short term charts and identify the currency pairs that have: a clear condition on both, the short and long term charts.
When we have a clear condition, we know what the market is likely do, then all I do is to try to find an entry on the short term charts (in the direction of the long term market condition).
And believe me, the EURUSD is far from being clear right now. Take a look at its weekly chart:
Do you have any idea of what the EURUSD is likely to do? If you do, please comment below, because I don’t…
And if you take a look at its short term charts, it’s worse…
I’m aware that some traders like to trade the EURUSD because of its tight spread, but let me ask you this:
What would you trade:
Please comment below and share your thoughts
Raul Lopez
Forex Coaching
Did you notice the EURUSD already broke though an important ST support level? This support level has been an important level since the last week of January, where it was an important resistance level, when it broke through it, it became an important support level rejecting the market at least two times:
So as long as the EURUSD trades below 1.3044 I’ll be looking for short opportunities.
What do you think?
Good luck!
Raul Lopez
Forex coaching
Yesterday I wrote about the EURUSD, I really felt comfortable going long. And guess what, I went long.
Now, I need to admit that it was a little risky, there was this important announcement about the European economy and whether or not European countries were going to support Greece. Luckily they ended up supporting him.
This is the chart:
The yellow line on the middle was my entry level, the one at the bottom is my SL. My TP orders is way up! My risk reward ratio of this trade is larger than 10:1.
I like the fact that the EURUSD it’s been supported by LOPS1. But only time will tell what happens with my trade.
What do you think? Let me know.
Good trading!
Raul Lopez
Forex Training
I think it’s getting close, I’m already in a bullish market condition on the EURUSD, I’m just waiting for a retracement to the ST support level (1.3215), get upward pressure and I’ll be going long:
You think is about time to long the EURUSD? Or are you even looking for trade opportunities on the Euro?
Please let me know.
Trade Safe!
Raul Lopez
Forex Training
Have you been trading the EURUSD lately? I haven’t, but I think it’s about to give us good opportunities, at least on the short term charts. This is what I got on my hourly chart:
I’m still waiting for a confirmation of the support level, and if I get it, I’ll start looking for trade opportunities on both extremes of the range.
The other scenario is to wait for the EURUSD to break the top of the range. This will trigger a bullish market condition and I’ll be looking for long opportunities.
What do you think?
Good trading!
Raul Lopez
Forex Coaching
I think so, it’s clear that the EURUSD was rejected from an important support level on the long term charts, and on the short term charts it broke through an important resistance level which puts the EURUSD in a bullish market condition:
How far will it go? No one knows for sure, but at least it should reach its resistance level around 1.4050.
As long as the EURUSD trades above 1.3392, I’ll be looking for long opportunities.
Are you also looking for long opportunities?
Trade Safe!
Raul Lopez
Forex Course
The EURUSD is trading around an important long term level (1.3831) but as you all know, we need to consider long term level as zones, and these zones can be determined using the short term charts. This is the zone for the EURUSD:
I’m going to wait for the EURUSD to break either side of the zone:
On either scenario, I need to wait for the market to make its first movement, then I follow.
Trade Safe!
Raul Lopez
Forex Course
Did you notice the EURUSD just broke through an important ST resistance level? Well, with this breakout I think we should consider the EURUSD trading in a bullish condition, and of course, forget about looking for short, only focus on long opportunities:
We need to make sure though it trades above 1.3825. I have my next LT resistance level at 1.4054.
Trade Safe!
Raul Lopez
Forex Training
Like the AUDUSD last week, the EURUSD came back from a bullish condition to a bearish one. The EURUSD gapped down, opening below every important level on the short term charts, now its clear that shorts is the way to go for the Euro, and its exactly what I’m going to be looking for (at least today):
As long as the Euro keeps trading below 1.3383 I’ll be looking for short opportunities. The next LT support level is at 1.2964
Trade Safe and Have a great week ahead!
Raul Lopez
Forex Course
If you trade the EURUSD, let me tell you that it is trading in a very clear bullish market condition. Yesterday, it was trading in a tight range, around an important level, but earlier today it broke through an important resistance level triggering a bullish condition:
And if you are wondering where to set your TP orders, if I find my entry I’m going to set them below the next LT resistance level around 1.3831, so we still got plenty of room to get a good risk-reward ratio.
Trade Safe!
Raul Lopez
Forex Training
You know that I haven’t had a trade on the EURUSD in a while, and recently I moved the EURUSD to the tradable side of currency pairs, and guess what? Just got my first signal on the EURUSD in the last months:
Here are the details of my trade:
Entry: 1.3694
SL: 1.3756
TP: 1.3454
Good luck!
Raul Lopez
Forex Course
I like to trade the currency pairs that have a clear market condition, when they consistently go from one important level to the other (i.e. support to resistance or vice versa), and certainly the EURUSD doesn’t have a clear condition. Take a look at the next chart:
On the chart above, does it look like a clear market condition to you? No. Do you know where the market is likely to reverse back? No, it just gets rejected from different levels (random levels), we can’t even call them support and resistance levels.
Now, take a look at the next chart:
This is the Norwegian krone (USDNOK), this one on the other hand, has clear support and resistance levels. It gets rejected consistently from the same support and resistance levels. On this chart, do you know where the market is likely to get rejected? Yes, once it gets close to the bottom of the range it is likely to get rejected, likewise, when it gets closer to the top of the range, it gets rejected.
See the difference? Which one is easier to trade? Definitely the second one, in fact, I wouldn’t even try to trade the first one. I’ll just wait until it gets clearer.
Trade Safe!
Raul Lopez
Forex Training
Yesterday I wrote about the EURUSD trading in a short term range, well, earlier this morning it broke through the ST resistance level:
As long as the EURUSD keeps trading above 1.4434 I’ll be looking for long opportunities.
Trade Safe!
Raul Lopez
Free Forex Education