Category in Trade Ideas

EUR/JPY likely to be the key during Asian trade; important support close-by.

Let’s have a good look at EUR/JPY to start the day. The daily chart is in a clear down-trend after a 5-wave move from 111.40 to 94.10 so we should be in rally-selling mode there. Nevertheless the 50% retracement has been breached implying that further gains and the 61.8% retracement level at 104.80 remains a possibility. The

EUR/GBP: I’m bullish but where is best entry level

The 4-hr chart shows that the uptrend accelerated off .7885 but stalled at .8110 and is now retracing. The 38.2% retracement is near .8025 and this was the approximate low last night. I’m watching the hourly chart for signs of a turn and if that happens then I’ll jump on board with a tight-ish stop. The

EUR/USD: Strong technical resistance at 1.3145; short-term indicators overbought

You can view the daily chart here,, and see that the pair has broken and closed above the 55-day MA which is a bullish sign but it’s stalling near a major 38.2% Fibo retracement level at 1.3145. The 4-hr chart is in a strong uptrend but is heavily overbought and this may give bears a day-trading

Next levels to watch in major pairs

Nice way to start the session, having picked the ding-dong in the AUD/USD. One bank is reporting decent-sized buying interest at 1.0430 and another is reporting heavy stops below 1.0425. Maybe they will both be right. The EUR is holding up well, trading just below session highs with strong Fibo resistance still intact at 1.2935.