EUR/USD Trading

Despite intra-day brief bounce to 1.3206, as the single currency has retreated after faltering below resistance at 1.3219 in part due to dollar's broad-based strength after the release of better-than-expected NFP, retaining our view that further choppy consolidation would take place and weakness to 1.3050 cannot be ruled out, however, only break of this week's low at 1.3026 would confirm top has been formed at 1.3233, bring retracement of recent rise from 1.2624 low to 1.3000 (38.2% Fibonacci retracement of 1.2624-1.3233) and possibly to 1.2970 but reckon 1.2929-31 (50% Fibonacci retracement and previous support) would hold.

On the upside, recovery should be limited to 1.3150 and said intra-day high at 1.3206 should hold, bring further choppy trading. Only break of this week's high at 1.3233 would signal the aforesaid rise from 1.2624 has resumed and extend gain to 1.3270 and later towards 1.3290-00.

As near term outlook is still mixed, we would stand aside in the meantime.

Red's Forex Trade Idea: EUR-USD - Stand Aside

EUR-USD - 1.3110

Trend : Near term up

Tenkan-Sen level :1.3135
Kijun-Sen level :1.3135
Ichimoku cloud top :1.3145
Ichimoku cloud bottom :1.3122

New strategy : Stand aside

Position: 0.00
Target: - 0.00
Stop:- 0.00

Despite a brief bounce intra-day to 1.3206, the single currency retreated after faltering below resistance at 1.3219 in part due to USD's broad-based strength after the release of better-than-expected NFP, retaining my POV that further choppy consolidation will take place, and weakness to 1.3050 cannot be ruled out, the only break of this week's low at 1.3026 would confirm Top has been formed at 1.3233, and bring retracement of recent rise from 1.2624 low to 1.3000, 38.2% Fibonacci retracement of 1.2624-1.3233, and possibly down to 1.2970 but I believe that 1.2929-31, 50% Fibonacci retracement and previous support, would hold.

On the upside: any recovery should be limited to 1.3150, and said intra-day high at 1.3206 should hold, and bring on more choppy trading. Only a break of last week's high at 1.3233 will signal that the above mentioned rise from 1.2624 has resumed and extend gain to 1.3270, and later towards 1.3290-00.

As the near term outlook is mixed, I would stand aside in here. Stay tuned...

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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