Perfect fib retracement in EUR

[bugscoe]

Quote from cabletrader:

I'm trading $/Cad so haven't been watching, is it a good trade?

If you caught it near that low, sure. Pos div on the 60 supports the trade and there is also a monthly pivot at 4612 that held.

I don't trade off charts this big so how far it goes, who knows. Looks like 4700 is a good target. Beyond that, 4770 would be the .50 ret of the last two swings down.

 

[cabletrader]

I guess Trichet will dictate direction tomorrow, if his inflation fighting talk is muted Euro is going down!

 

[bugscoe]

Looking at the daily, it sure feels like down is the likely direction.

 

[DannyBly1]

Yes, the charts are Oanda charts for those that were wondering - on the bear case for the EUR, there was a death cross (50 period EMA crossing the 200 period EMA) on the hourly...lets see what Trichet has to say tomorrow morning...

 

[bugscoe]

Death it was.

 

[cabletrader]

Quote from bugscoe:

Death it was.

Did you hear him speaking? 60 pip drop in less than 3 minutes.

 

[bugscoe]

Just heard the cliff notes on CNBC. Was able to catch a bunch of those pips as well.

 

[DannyBly1]

EUR making new lows as I type...looking at the daily there are some nice large fib retracement levels below - a big 38% retracement at 1.4354 and then there is the 200 day EMA lurking down at about 1.4328 - I'm expecting to see support in this zone...

 

[cabletrader]

Quote from DannyBly1:



200 day EMA lurking down at about 1.4328

I see the 200 day at 50%, 1.4150

Nice bounce off 1.4439 though, perfect!

Here's Stretch's view from last November:

 

[atticus]

There is a fantastic bull corridor play [touch-exotic] in EURUSD playing out this week with a 30/100 payout.