Short Term EUR/USD Globex Update for Jun 18, 2009

June 18th, 2009 12:31 am mylifemytrade Leave a comment Go to comments

Reminder: Short Term = a day or two

EUR/USD has managed to bust 1.3930 level in the Globex session. This level of 1.3930 was posing a strong resistance for past 2 days. Having gotten above this level, there is very little resistance till 1.4150 (170 pips)… 1.4000 “might” pose some little resistance…

Given this currency action, the path to SPX 928 or who knows, may be even 934 seems relatively clear. At the same time, one must bear in mind that the EUR/USD was melting up just like this yesterday. However, it reversed the moment European session started. Today also, there is initial reversal in the European session (looks like everyone wants to sell their currency). But, we are nicely above the 1.3930 line, which was initially a resistance and is now acting as support.

Also, some love shared will be greatly appreciated.

2009-06-18-eur-usd-update

UPDATE 8:00AM ET: EUR/USD has been range bound within 1.3930 and 1.3980, which is a 50 pip range for past 18 hours.. And over last 3-4 hours, it has progressively put in lower highs and has even breached  below 1.3930 quite a few times. This is not looking good for the bulls.

2009-06-18-eur-usd-pre-market-update

Categories: Currencies Update Tags:


  • eheheh nice to see you trade Forex... I will tell ya, this thing starts groin' on you and I was told at a certain point equities are forgotten...
  • Hi Sal - good to see you drop by here.

    I am not trading forex yet... but am getting more and more tempted.. Equity markets seem like a tail that 100s of dogs can wag.. Not so the case with forex markets.. Also, one thing that I have noticed is that the currencies usually maintain their trend through the Globex session for most part. If they are trending up before Europe opens AND the trend remains that way after Europe opens.. then they continue to trend up till at least about 8am ET.

    I post about EUR/USD.. but am also following GBP/USD, USD/JPY, GBP/JPY - I am guessing that those are 4 most liquid trades there. I will start paper trading them soon.
  • you're like me - you never sleep heh - thank you for your posts.
    Did you see the higher neckline that I drew?
    http://www.screencast.com/t/TouThnbm

    It's had a bull flag in between all night.
  • Aha... good point... it is that upper neckline that it is having trouble busting through. I am quite skeptical when it comes to upsides now. I am playing it safe and closing some of my long trades pre-market. Unloaded my FAS position. Keeping URE though as IYR has taken a big hit last few days and an up day is around the corner.
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