Welcome back. We are going to do a brief Euro review today, especially since one of our services is devoted exclusively to trading EUR-USD. After very impressive, month long sell off, price has stabilized somewhat in the 1.4700-14800 area. We believe it is going to hold here for next 2-3 weeks, widening the trading range to a band between 1.4600-1.5000. From a technical perspective, this market has just started a longer term bear run. Problem is, that markets are very events driven, and the down move will not continue until we have some solid USD supportive news. Maybe in September, but when it happens, watch out! Another 1000 pips in couple of weeks, down to 1.3700 level.
That much for Euro review. Dollar rally stalled against all currencies. No, that is not correct, USD is just taking a breather. It coincides with the annual "summer slowdown". This is time of the year, typically during August, when a lot of institutional traders and money managers take their annual vacations. Currencies tend to move sideways during this time, seemingly without any patterns.
After lousy previous week, our services had good period. Both systems produced nice gains. Please see the results below and follow the link to view details.
Sunday 08.24.2008.
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Here are the results for last week:
- Daily Pound made 133 pips ;
- Daily Euro gained 114 pips;
Follow the link on the right to view details.
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Last week's review.
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During our last update we took a look at USD-CAD. Our potential trade was to sell it 1.0555 with a target of 1.0500. That's exactly what happened. Order was filled at the mark and price reached our objective for a gain of 55 pips.
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For this coming week we are going to stay with Canadian Dollar. This time, however, focus goes to another cross, EUR-CAD, and a change of direction. We have not analyzed this pair here for some time, but historically our results have been decent.
EUR-CAD has sold off in a dramatic fashion over past couple of weeks. Price behavior is pointing to some rebound. With that in mind we bought it at 1.5493 at around the closing time. So we are already in and our target is 1.5600.
We wish everybody great trading week!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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