Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. Amidst all the fall yesterday, this pair has shown amazing strength. Though i had predicted some slowness in the uptrend and some exhaustion as well, i would expected it to fall much more when all the other pairs were falling like nine pins. But this is also good in a way as it makes it much easier to trade all the pairs with EUR in it as you can be sure of the strength of the Euro.

Anyway, as expected, the Euro was stuck between the strong support and the resistance and did not move out of it though a lot of other pairs broke their strong supports and resistances.

Overnight, all pairs have made a nice retrace back to their supports turned resistances. Today is a big news day with lots of news coming out later in the day in the London session. It should be an interesting day with EU continuing to range within 1.41 and 1.4350. I do not expect any breaks away from these atleast till the news comes out. After that, we have to wait for a break of either of these prices and take the trade in that direction.

On the downside, there is support at 1.4150 and a very strong one at 1.41. On the upside, there is strong resistance at 1.4210, 1.4250 and then at 1.4331.

For today, i expect ranging for most of the day with a breakout later in the day after news release. I would expect a breakout on the upside considering all the strength shown so far.

Updates on signal service

It has been a wonderful week so far for the signal service...Have made more than 500 pips already this week. The week started off slowly with not much progress for the first day and a half but things really started picking up from the middle of yesterday. We have had fewer signals but those have been highly profitable with not even a single loss so far. Below are the calls as and when i gave them (picked up from yahoo messenger). You can see for yourself (last trade on euraud is still open).

ns_karthik: long GU...1.64
ns_karthik: would expect GU to go down to 1.6350 and then back up...
ns_karthik: exit gu...37 pips..
ns_karthik: short eurgbp....0.8650
ns_karthik: long gbpchf...
ns_karthik: long gbpchf...1.7483
ns_karthik: long eu...1.4231
ns_karthik: exit eu...25 pips
ns_karthik: exit gbpchf 100 pips
ns_karthik: exit eurbpg 17 pips
ns_karthik: long gu....
ns_karthik: 1.6526
ns_karthik: exit gu ...25 pips..
ns_karthik: good day today...more than 100 pips so far...
ns_karthik: looking for high probability trades only...so the number of trades might be few....hope it is fine..
ns_karthik: long gu....
ns_karthik: 1.6533
ns_karthik: for gu long...move sl to be
ns_karthik: hope u guys still have th gu open...
ns_karthik: exit gu
ns_karthik: exit gu...52 pips
ns_karthik: exit audnzd swing for 6 pips...we dont seem to be going anywhere....
ns_karthik: super last half of the day....made more than 200 pips..
ns_karthik: guys, i am done for the day
ns_karthik: be back in abt 7 hrs
ns_karthik: no quality trades yet guys...maybe we will have to wait till london session
ns_karthik: will be gone for 1.5 hrs
ns_karthik: long usdchf...1.0630...
ns_karthik: long GU...1.6616
ns_karthik: short EURAUD...1.7345
ns_karthik: exit GU long...26 pips
ns_karthik: exit gu long...26 pips
ns_karthik: short eurcad...1.5464
ns_karthik: have 3 trades open....ec, uc and ea...lets see what they do
ns_karthik: we still have 3 trades open....do keep them open
ns_karthik: exit euraud....26 pips
ns_karthik: exit usdchf...42 pips
ns_karthik: that makes it 100 pips for the day with one still open with 30 pips in profit
ns_karthik: short GU...1.6575
ns_karthik: exit gu short...30 pips
ns_karthik: those who have not exited...exit eurcad
ns_karthik: short GU again...1.6556
ns_karthik: exit gu...130 pips...
ns_karthik: have made more than 270 pips today...
ns_karthik: long euraud....1.7426...sl and tp 100 pips
ns_karthik: ok...it might go down a bit....if it finishes at this level today, then tomorrow any move towards 1.7400, would be a good place to long again....
ns_karthik: move sl to BE...

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. Yesterday, again, this pair broke through previous highs and made new highs. Though this pair did make new highs, the momentum seems to have slowed down for this pair and the news highs seem to be taking longer and also seem to be requiring a lot more time and also a lot more effort than what was required previously.

Now, this pair rests at a decent resistance at 1.4282 which is also close to its previous highs and hence should provide good support.

On the downside, there should be good and strong support at 1.4250. A break of this could lead price going down to 1.4170. For today, i do not expect price to go down below this.

On the upper side, this pair could face a large resistance at yesterdays high of 1.4330 and if this is broken, then we could see price moving to 1.44.

Today should be an interesting as for the first time after quite a few days, EU seems to be caught between support as well as resistance and it would indeed take a great effort for this pair to break either of them (1.4170 and 1.4330). Lets see what happens today.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. This pair has had a nice retracement overnight and as can be seen from the chart, it now rests at a crucial support. This support is quite strong and hence a break of this support could lead to a large fall/retracement.

There was an attempt to break this support but this attempt was met with a huge wall of buyers as can be seen from the large volume on the bar on this chart. We can also see a lot of previous highs on the hourly chart around this price and this again proves that this price range is a good and strong support.

On the downside, the support is at 1.4150, a break of this strong support could lead to price dropping to 1.41 and a break of this could lead to price going to 1.4010.

On the upside, the resistances are at 1.4180 and then at 1.4220. For today, i would expect this pair to be a bit weak but it would require a break of 1.4150 to confirm this weakness. Since this price is a strong support, i would expect some retracement towards 1.42 before it again tries to come back and break the support.

Daily Outlook for GBPUSD

Attached is the 1H chart for GBPUSD. As can be seen fropm the chart, right from the open of today, we have been seeing consolidation in GU. Like EU, GU also seems to be getting ready for another run up. But for now, there seems to be some good resistance at 1.6235 though i believe that this resistance would only be for the short term.

On the downside, GU has some good support at 1.62 and then further down at 1.6120 though i do not expect GU to reach this level today.

On the upper side, GU has some good resistance at 1.6235 and a clear break of that will cause GU to move higher. I dont see any major resistance for this pair till it reaches 1.65 and so a long here with target of 1.65 seems like a good swing trade.

Lets see how this plays out today.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. The bull train seems to be going on and on and there seems to be no stopping it. I dont see an end to it today as well and i expect the bull train to continue today.

As you can see from the chart, all up bars have had high volume which shows a clear demand for higher prices. The weekend has done nothing for the bullish trend and we seem to be continuing today.

For today, i expect the price to make a small retracement towards the low 1.41s and then expect the price to keep going up higher and higher. The bearish trend in UJ has only further helped the bullish trend in EU.

On the downside, good support exists at 1.41 and then at 1.4040 though i do not expect the price to make it there. If it does reach there, that would be a great place to go long.

On the upper side, there is some strong resistance at 1.4160 and a clear break of that should carry the price to 1.43.

Sample PA setups

Attached is the 15M chart for GBPJPY which shows some beautiful PA setups, all within a few hrs...Such setups are present all the time on all pairs. This shows that you could easily make more than 100 pips just by trading 2-3 hrs on a single pair alone.Now lets start from the left.

Look at the price bar of the bar which has the largest volume (in red). Look how it finished close to the middle of the bar inspite of the large volume. If the huge volume was caused by buyers, why would the price finish near the middle ?? this shows that selling was there and that the end of the upmove is near....And we are proved right once again. So the price did move up to touch the psychological resistance at 151.5 and dropped heavily.... Another point to note. Any break in support will almost always be followed by a retrace back to the support to pick up any more buyers over there and also to get a good price for the big boys.

After this, look at the pin bar at the bottom with high volume....pin bar, high volume, a sure shot indication that we are changing direction, which we did...

Then we go up again and again we have a high volume bar which closes near the middle....and again, we go down as expected...shows u the power of PA... You can see such setups in almost all TFs, all times of the day in all pairs.