#bearish support

[tradegeniusgroup]

New Post has been published on Trade Genius Group

New Post has been published on http://www.tradegeniusgroup.com/tg-daily-signal-january-8th-eurusd-monthly-long-term-support/

TG Daily Signal: January 8th EURUSD Monthly Long Term Support

The Chart:

In the long term EURUSD Monthly long term support has been hit and is currently facing testing. The probability of spikes is high as per the past and if you look at the chart you can see we are now beyond post 2008 lows. We are sitting on 2003 and 2005 support levels and typically these have experienced reversals to the upside in the months following on from this price zone. Lastly the longer term channel lines point to lower lows of 1.0800 despite it not being clearly visible on the above chart (the lower blue line).

The Situation:

The situation is currently split between the ECB austerity measures and the signs of deflation with Jan 22 offering considerable meetings and announcements due to be taking place. The Euro has seen several rate cuts in the past year and the recent drop in Oil prices and Russia’s crash has also had some form of knock on effect. The US on the other hand despite showing signs of growth and recent indications of VIX volatility index “cool offs” seems to be unsure as to whether rates are truly ready to rise or not. It seems likely that the chance interest rates will only become a potential reality come Q2 or even 3 and beyond, granted the fundamentals and economic stability continues to show signs of improvement.

Key Point:

The current EURUSD support offer potential reversals. Together with the fact that the US Dollar is over bought in the short term and potentially due a retracement, the current EURUSD Support offers possible pivot points for the next few months. This in theory goes hand in hand with the fact that the US is not in the right position to increase interest rates in the coming few months. It goes without saying that any break below the monthly supports (not including spikes) would leave investors guessing as to the next lows on this pair (channels showing 1.08 as the next supports) and thus buyers would be foolish to keep holding onto long positions. Keep an eye on this weeks NFP data and any signs of the USD Index pullbacks which could spark medium buy lines on this EURUSD support rebound.

Best of Luck Traders!

[tradegeniusgroup]

New Post has been published on Trade Genius Group

New Post has been published on http://www.tradegeniusgroup.com/tg-daily-signal-october-23rd-eurjpy-daily-support-resistance/

TG Daily Signal: October 23rd EURJPY Daily Support & Resistance

The Chart:

This EURJPY daily chart is showing you traders a lot of different technical entry levels including but limited to the major support & resistance. The broader picture is showing the Green resistance line leaning towards the 142.00 price and the lower red support which has just been tested and failed at 134.00. The market has recently made a reversal spike highlighted in Yellow which has given rise to bullish momentum and this has recently entered into a previous ranging market (indicated by blue lines) between 135.30 – 137.70.  The broader red and green lines are also showing a technical pattern known as a megaphone which can be traded as if it were a ranging market.

The Situation:

The current situation as far as the JPY fundamentals are concerned is generally in favor of continued strengthening for now. In a recent press conference from the Bank of Japan the market was left rather disappointed having expected there to be an announcement in favor of further additional asset purchases and aggressive intervention to further weaken the currency. Such an announcement never took place and the result caused disappointment and triggered a sell off from all those shorting the Yen . The aforementioned move which lead to EURJPY sell off was finally countered last week when the ECB came out with broader support for the Euro zone and commitment to further increase its asset purchases if needed to prop up banks. This has caused the EURJPY to spike and now play out into a previously ranging market as mentioned in the chart section.

Key Point:

The overall picture is than in the long term the EURJPY has sold off only a fraction of what it is capable of doing after extensive 2013 bull markets. Perhaps these bullish markets may only resume once the Bank of Japan once again commits to increasing their level of intervention even further. In the meantime we seem to have slipped into a ranging market between the blue lines and 135.30-137.70 prices. The recent reversal spike also leaves open the possibility of further highs for retesting and this lines up with the megaphone technical resistance at 142.00. It should be said that this longer term resistance has some way to go before even entering into the sight of your TP levels, in light of the fact that we are in the final Quarter of 2014 which can see continued profit taking from annual long positions.

[tradegeniusgroup]

New Post has been published on Trade Genius Group

New Post has been published on http://www.tradegeniusgroup.com/tg-daily-signal-september-29h-eurusd-weekly-supports/

TG Daily Signal September 29h EURUSD Weekly Supports

The Chart:

In this EURUSD chart traders can finally see the long term EURUSD support levels of the past dating back to 2001. The chart shows the current support at 1.2600-1.2580, followed by the worse case scenario supports at 1.2200 and 1.1800 respectively. The Green line shows clearly the upper resistance of this weekly wedge shape and so it is not surprise that the Euro has fallen at this point over the last few years when resistance was met. Finally, the lower red line shows the support for this pair as far as the wedge is concerned and this seems to indicate potential drops towards 1.2200-1.2580.

The Scenario:

The current scenario put simply, is that we have a strong US Dollar and the Euro has been subject to heavy sell offs. This has partly been in play since the ECB further committed to rate cuts and heavy monetary stimulus policies on several occasions this year. The strong dollar has also been due to investor confidence and also a reduction in QE (monetary printing), together with economic progress in the US economy. The long term appears to be strongly in favor of this path continuing however the short term fundamentals seem to be getting hot for change. This week we have big Euro data on Thursday and US Non Farm Pay Rolls on Friday.

Key Point:

The Euro has consistently fallen when it reaches the upper resistance of the wedge. The lower level however has not been so smooth with supports as we can see from this chart arising and settling at several levels. What is clear however is the Wedge support on the lower end does show possible support at around 1.2300 and falling somewhere in between 1.2600 and 1.2200. If the 1.2600 support is maintained then the Euro is set for some nice reversals in the new month ahead. If however we see this breakout then the Wedge support would be the next in line for short tp’s. Traders! do not forget that the news on Friday is already going to be within the monthly candle of October and so which ever direction it takes initially, is not likely to set the direction for the whole month. In this sense beware of monthly open spikes or lows .

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