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Since I'm a fan of EUR/USD i tough that we could share our idea about that pairs.
Nothing deadly serious but almost! What's your feeling about nexts moves, past ones, reasons of those, news to come, etc... Just anything that is related to the pairs.
The point: get the larger view on the subject, from the most source.
It could give nice idea to some, and open doors for others.
After the top around 1.6010, and the big correction of more then 700 pips, the pairs have bounce back around 1.5300 to get around 1.5800, to correct again at 1.5455. We are now at 1.5557
If we look closer on the 1h chart, we see clearly that the upper trend line been broke at 1.5540... and will end it friday session over the upper trend line.
We see also on a larger view of 1h chart that the rebounce at 1.5300 been done at the 38.2 Fibo line. A classic pattern. Its now at 50 fibs level. Daily chart also react the same.
Maybe. Time will tell. But if you look at daily chart, is downtrend and this bar only suggest a retracement, maybe to resume downtrend.
American economy is not good now and oil will keep in high prices, so a trend change is probable.
Anyway, I trade what I see and not what I guess.
(My god, what a crowded chart !!!)
I have a buy at 1.5509, SL 1.5526 ( just in case of a gap against)
Maybe. Time will tell. But if you look at daily chart, is downtrend and this bar only suggest a retracement, maybe to resume downtrend.
American economy is not good now and oil will keep in high prices, so a trend change is probable.
Anyway, I trade what I see and not what I guess.
(My god, what a crowded chart !!!)
I have a buy at 1.5509, SL 1.5526 ( just in case of a gap against)
Nice catch, and sure SL at 1.5526 make sens. Better get those pips and reenter on next bounce. You leave you time to see if its correction or not. Since its choppy for now on the daily chart.
You are right also on that point, daily chart only show retracment, nice point!
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Well my point is already done, we got a discussion about the thing now. Argue is the best way to find best approch.
I hear lots of people saying a USD rebound is inevitable, however, this seems little more than wishful thinking imo - the US economy is in the doldrums, oil is sky-high and interest rates are being cut, not raised, so what evidence is there for a strong(er) dollar? Indeed, unless the eurozone follows the US example and slides into recession, the USD will continue to weaken, not strengthen! This pause below $1.60 should be seen as little more than a rest-bite, followed by further decline...
Yup.
And things can go worst for dollar. Now as dollar weak more, countries are considering to change their reserves using a more stable currency (euro, swissy or yen) so they might sell their dollars and buy other currencies. As oil producers are getting dollars for their oil and buying euros, swissies or yen, putting an enormous amount of dollars in the market and adding more water to the river. Guess what happens when there is too much offer of a certain good in the market?... yup. Basic economy.
The only way to recover those extra dollars from the market is to produce and export more goods (reciving dollars in exchange and keeping them), cut unnecessary expenses (as war, for example), try to be less oil dependant, etc. Something that doesent happens until now.
The good new is for american industry. They will be able to export more due to the cheap dollar, if taxes and interest rates doesnt rise (of course)
@fxnewbie - You hit on an important point - it's all about supply and demand, the more US dollars in circulation, the less demand, or weaker, the dollar becomes. I'd bet your average American doesn't realise that the USD is no longer backed by gold, or anything else for that matter, meaning the US can and does print as much currency as it feels it requires - the sole reason it can do this is based on the perceived strength of the US economy, which in turn has portrayed the greenback as the dominant global currency. But the bulk of its financing is dependent on major countries such as Japan and China, buying treasury securities, essentially I.O.U's, the end-result of which is a national debt that currently stands at over 12 trillion dollars!!!
Now ask yourself where the greenback would end up if the USD was no longer percieved as the dominant currency, foreign countries stopped buying dollars - or God-forbid, called in their loans - doesn't bear thinking about...
if we know the trend will go up surely,then everyone will be millionaire
Only true if you were already a millionaire (at least) - you may need at least that amount to survive the counter-trends that could occur, were you to go long the euro. Personally, I'm 'sure' the euro will continue to advance, unfortunately my pockets aren't deep enough to take advantage of this...
) ..so it will moving up 
Linear Mode
