Euro June 1- 5th

May has been quite profitable. And i m glad Diversity won Britain Got Talent, really an Awesome dance act.

Euro has created another high again for the year. There is a steady lower trendline in the H1 chart. Congestion Area is at 1.4050 - 1.3956. I will be looking for bounces at 1.4050/1.4023/1.3980.

Support for Euro:
1.4100
1.4050
1.4023
1.3980
1.3800

Resistance:
1.4182 (50% Fib)
1.4365
1.4400
1.4532

Euro 1.4000

Euro is trading at 1.4000. Its near the resistance of 1.4050. Waiting for a break of 1.4050.

Euro Range 1.4050- 1.3860

Euro will be in this range of 1.4050 - 1.3860. Breakout play in position.

Euro 1.4000

Euro next Resistance at 1.4111 and 1.4365.
Support at 1.3883 , 1.3846-38 and 1.3723.

Waiting for a pullback to find support and Long Euro.

Reversal Candle Patterns in USD/JPY

This is far from your normal clean reversal pattern. You’ve got four indecision candles and the last one actually makes a new low. A lot of newbie traders would look at this and not be sure what to do.

However, it is quite simple. Despite the messiness of these candles all we are seeing here is a period of indecision. The bulls and the bears are fighting it out, sometimes the bulls win sometimes the bears, but all their victories are short lived.

What we do know, for certain, is up until five candles ago the bears were in complete control of the market. However, for the past four candles, the bulls have been fighting back. It makes sense that we would see a reversal here.

Euro 17May 2009 H&S

Euro H&S pattern. Next level of support will be at 1.3300 and 1.3100.

Euro 1.3722 Resistance

Euro is heading for a correction.

Price Action at Weekly Pivots

Weekly Pivots are important areas where price tend to find support and resistance.

For me important S/R areas are:

1. Daily Open GMT0000
2. Weekly Pivots
3. Round Numbers
4. Daily Pivots
5. H1 and H4 Swing High / Swing Low
6. Previous Day High Low

6 May 09

Shorted Euro. Price is trying to break 1.3300. Going into ECB rate cuts on Thursday.
Next level of support will be 1.3211, 1.3100 and 1.2885.

Weekly Pivots

Weekly Pivots are important S/R areas. Price tend to reverse at weekly pivots.
Be xtra careful when price approaches this area.