Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As is usual nowadays, and i am tired of saying this again and again, we continued to range yesterday as well. Again, with the lack of any direction changing news, this pair was caught in a 120 pips range. It made its way upto 1.4020 and then fell down to 1.3910 and now, as i write, its back up to 1.3975.

This kind of ranging provides us a great way of taking trades and making some easy pips, as long as you use some common sense. Patience and discipline is required for forex trading under all circumstances and thats what is required now as well. Wait patiently for the pair to make its way to the top or bottom of the range and just pick trades in the right direction, with low risk and then you can make some easy pips.

For today, i expect the ranging to continue. The only major news that i can see is the FOMC meeting minutes. This can provide some volatility which might lead to the break of the 120 pip range that we have over the last 2 days but still i expect the pair to stick to the 400 pip range between 1.38 and 1.42.

On the upside, the resistances are at 1.4010 and then at 1.4060. On the downside, the supports are at 1.3950 and then at 1.3910. The SR regions can be easily located by seeing the charts. Just be patient and play the range.

Forex Course Launch

Today, i have decided to launch another very long-standing request from a lot of my members. Lot of people have been asking me when I would be able to launch a forex course.

Today, i am proud to say that i am ready to launch the forex course. I will be covering all topics right from the basics of forex, technical analysis, how to analyse, what to look out for, couple of strategies, how to use Murray Maths etc. right till whatever i know now. I will be covering all these topics in this course as much as I can.

The classes will be over the net and will most involve text chats, charts, tutorials etc. It will be spread over a period of 3-5 months as i want to cover things at a slow and steady pace.

Those who are interested please mail me at kartram.77@gmail.com as i can take in only a limited number of people as i want to pay individual attention to each one who joins the course. Do mail back.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As expected yesterday, this pair continued to range for the whole of yesterday. There was nothing yesterday that could trigger a break of this range and this range seems very very strong for now. This pair ranged between 1.4010 and 1.3900. This makes it a nightmare for swing traders and a dream come true for range traders.

Anyway, for today, there is a bit of major news which is to be released from the USA. I expect this to cause increased volatility and this pair might test the extremes of its range today as a result of the news today. It remains to be seen whether it can indeed break the range today but i do not expect it to be broken. For the past many weeks, this pair has been trading between 1.38 and 1.42 and i expect this to continue today as well.

On the upside, as yesterday, the resistances are at 1.4010 and then at 1.4060, 1.41 and 1.4160.

On the downside the supports are at 1.39, 1.3855 and a strong support at 1.38.

I expect the ranging to continue today as well.

Daily Outlook for EURUSD

Back after about a week or so.. I am fresh and hopefully stronger and better than before. Now, lets get down to the analysis. This pair still seems to be stuck in a range for the past so many weeks. Though it has had its share of ups and downs and wild swings, you can see that all of this has been within a range and this range has been much smaller when compares to the swings that the other pairs have had.

To me, this ranging has shown the strength of this pair more than anything else. You can see that this pair has not broken down below 1.38 during all these time. Of course, it has not exceeded 1.42 as well but the fact that this pair did not fall when all other pairs did, shows the strength of this pair.

As for today, i expect the ranging to continue as so far, there has not been any trigger for it to break the range. On the upside, the resistances are at 1.3980, 1.4008 and then at 1.4050. On the downside, the supports are at 1.3950, 1.3920 and then at 1.3850. I expect the price to range between these S and R for the whole of today unless there is a major breakout. In such a case, we simply take a trade in that direction.

No Updates !!??

Many of you might have been wondering on how i have not been updating this blog for the past couple of days. In fact, i have also not given signals nor written any articles, nor posted anything on forums for the past couple of days. The main reason for this has been the fact that i have been a bit busy with some personal work and hence decided to take a break from forex for this week.

Forex is a tough and taxing thing and it needs me to always be on top of it to write/give proper analysis. So, instead of me spending less time on it and thus giving wrong analysis, i thought i would rather take a full break and come back stronger than ever from next week and spend more time in analysis so that i can pass on the same to you guys. So, its time for a break this week.

But this week, i have been utilising it very well to spend time with family and also work on our automated forex system along with Richard. Working on this has been a fascinating experience so far. It amazing how much of hard and thorough work is involved in this and how much of coding we have had to do. We have had to import data, write macros, check the history, collect data history, format them into the way we want it, run it through the software, optimize it, change parameters, re-optimize it. HMMM...Thats a lot of work...Isnt it??!!

But well worth all the effort so far as can be seen in our results for GU. Now we are optimizing it for GBPCHF and EURJPY and we should have them ready in a couple of months time and then we will have a better system and even better results !! Quite amazing to think of the potential.

Already, we have been contacted by a couple of funds who have expressed interest and we are thinking of having our own fund along with being traders for these funds as well. We will have to see how things go. Thats all for now !!

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As expected, this pair continued to range yesterday as well though the low of the range was a bit less than what was expected. But considering the fall in other pairs like GU, GJ etc., the fall in this pair was smaller and also within the expected range.

After the fall yesterday, we have seen this pair again move up into the nice range that it has been for the past so many days. Not much of a major news is expected from any country today except for a bit of news from GB. So, i do not expect this pair to be affected much and i would expect this pair to continue to range today as well within the ranges that were mentioned yesterday.

What has also been shown yesterday is the strength of this pair in the fact that this pair has refused to fall even considering the huge fall in other pair. So buying dips is the way to go on this pair.

Just to repeat, on the downside, this pair has support at 1.3920 and then at 1.3885 and i do not expect this support to be broken today. On the upside, the resistance would be at 1.40 and then at 1.4060 and then a strong one at 1.41. Expect more ranging today with bias to the upside.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. As can be seen, the week has started quite badly for this pair. It has gone down to its support level at 1.3950 and now has just about started to pick up. The main point to note here is that this pair is still within its range in which it has been for the past 3-4 weeks. I do not see this range being broken anytime soon. Unless something drastic happens, i dont see this range being broken. If and when it does, it is going to be a very big move.

There is not much news during the day but the US markets would be back after the long weekend and this could make the markets interesting today. I dont expect the range to be broken today as well.

On the downside, this pair has strong support at 1.3950 and then a huge support at 1.3920 and i do not expect this support to be broken today. On the upside, the resistance is at 1.40 and then at 1.4050 and a strong one at 1.41.

I expect this pair to range between these supports and resistances today.