Euro-Dollar & Dollar Index Analysis & Forecast, May 31st 2013 (English Language)

Hello traders,

Here below please find attached the video-analysis of the Euro FX currency futures and the Dollar Index for today May 31st:

Hereunder is the chart and explanation for the Euro FX currency futures.

The area between 1.3240 and 1.3357 is a short area. Here bears were clearly interested in selling. Their continued action was able to keep moving price down into the support area below. Bears will be gone if price moves above 1.3357 (level c). The short setup has targets at 1.2530 (please refer to the below picture):

Euro FX futures contract, daily chart - May 31st, 2013

Euro FX futures contract, daily chart – May 31st, 2013

The area between 1.2910 and 1.2800 has acted as a support for prices twice and we cannot exclude it will act again as support, but we cannot be certain. That area of demand will only disappear after price moves below 1.2714 (level b). Target for all the participants in this area of support is 1.41. Such target will only be confirmed if we manage to move above 1.3358 (level c).

Today bears defended the next measured move lower, from May 1st highs to mid-may lows and this is a sign they are still around. Particularly they defended the 1.3078-80 level (level a). Above such level there would be the high probability of retesting the 1.3240 area, the short area for the bears and possibly the challenge to the 1.3357 (level c). On the other hand if price stays below 1.3080 (level a) and moves below 1.2715 (level b), the target for the bears will be confirmed at 1.2530.

So still everything is open in the Euro and I will wait the current situation to resolve before committing on the long side (I am still short and I will be below 1.3078, as mentioned yesterday). The levels to watch on the daily/weekly are those specified (a, b and c). Those levels are not going to change whatever price does, and you know the meaning I attach to them.

If you want to have  access to trading plans, watch weekly video reviews as I develop or record them, or get information on setups (before they happen) for the Euro-Dollar cross, the S&P500 index and some high volume  stocks, please subscribe my newsletter. It’s free and you get additional content like market commentaries, setups, e-books, articles on HFT and program trading, learning material on my method and video-analysis that I don’t make available on my blog.

Thank you for subscribing should you decide to do so. Lots of other people are doing the same.

If you intend using this information for your trading please do your own due diligence, find the advice of a trading professional and trade at your own responsibility. The information provided is for educational purpose only. Please read the Disclaimer and accept all the risks. Thank you.

Have a good day

Advertisements

Leave a comment

Filed under English language, Euro FX analysis and trade setups videos, Forex, Trading Plan, Weekly review

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s