eurusd price action
The chart above is how the price of the euro vs dollar (EURUSD) has moved over the last days.
In becoming serious about trading now, this post will document my trading this pair. I’ll be following what my mentor says and learning with his guidance his strategy that I’m learning.
The following notes are taken from:
http://www.learntotradethemarket.com/forex-trading-commentary
On 3 March 2013
The EURUSD ended this week just above the key support at 1.3000 after a large move lower from 1.3300 resistance early in the week. On Monday, the market tried to push above 1.3300 key resistance but ran into a lot of selling interest there and quickly sold-off, reversing sharply lower from that level. The market basically consolidated just above 1.3000 support after the large move lower from Monday. Friday, we can see the market tried to push below 1.3000 but created a false break of that level to end the week just above it at 1.3016. Next week, this 1.3000 support level will be critical; if the market can hold above it we could see a retrace to the upside, but if we remain weak and move below it, the door would be open for more losses. Near-term momentum is down and we can watch for price action sell signals next week if the market rotates back to resistance. However, traders can also keep an eye on key support near 1.3000 and 1.2875 for obvious / large daily chart reversal signals, we will update traders next week on this pair if any signals form either way.
On 23 February 2013
Weekly Price Action Trading Outlook for February 25th to March 1st 2013
EURUSD – Euro/dollar holding firm above 1.3150 support
The EURUSD ended today basically unchanged after moving lower and finding support down near 1.3150. The market is still holding above that support so we could see some upside movement early next before the market moves lower again. There’s resistance up near 1.3300 that price would need to close above to have a chance at starting a larger run higher. This market is basically contained between 1.3300 – 1.3150 right now and we’ll need to get a close beyond one of these levels to get a clear sense of direction in this market. However, for now we are simply going to stay on the sidelines and observe the price action early next week and see what unfolds.
Please join in the discussion… 
Blessings
Haroun
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The EURUSD broke lower today from the fakey strategy that we discussed in Monday’s commentary. We did not get the 50% retrace entry that we were looking for before the market moved lower, but some traders may still have found an entry with a stop loss up near the 50% level of Monday’s large false-break bar. There’s potential for more downside in this market as the next key support is not seen until about 1.2660.
EURUSD – Euro/dollar downtrend intact.
The EURUSD consolidated into last week’s end, forming “coiling” inside bars in the process. The downtrend is still intact in this market so we want to trade with the trend until it clearly ends by looking for price action sell signals. There are two potential sell-scenarios to watch for here early this week. One scenario is that the market pops higher from these inside bars, in which case we would anticipate a fakey setup forming or another price action sell signal, the key resistance to watch is up between about 1.2950 – 1.3050. The other potential scenario is that price just breaks lower from this coiling inside bar setup and the downtrend extends down into the next key support around 1.2660, either way we are bearish biased on this market until the price action clearly shows the trend is changing.
http://www.learntotradethemarket.com/forex-trading-commentary/weekly-price-action-trading-outlook-for-april-1st-to-april-5th-2013
EURUSD made a big move up today trading at 1.31625 currently after reaching highs of 1.31931 today, and 1.30449 lows. If it goes up again, it could look to test its resistence of 1.3175-1.3180.
1.29767 is where its currently trading after another big drop today after opening at 1.30408 and plunging to 1.29342 before recovering.
Haroun Kola posted..EURUSD – Bullish Bias – Looking to Buy at 1.3020 stop at 1.2990
This pair is gaining today…
Haroun Kola posted..GBP/USD…..1.5359…Weak Downtrend