Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. Yesterday was a nice clean day for this pair where it moved down as a form of small retrace and then it kept ranging for most of the day till the release of US news. After the news release, EU then blasted off through some of the major resistances at 1.4060 and then 1.4100 and 1.4160.

This was a nice upmove but last few hours, we have seen that this pair has slowly started settling down and has also moved down slightly. It has now gone down and hit the support around 1.4110 and has now started moving up slowly.

For today, i expect this pair to move up further but 1.4160 and then 1.4230 would be crucial. These 2 huge resistances need to be broken cleanly for the upmove to continue else we would see this pair moving down slowly.

On the downside, the supports are at around 1.4110, 1.4060 and then at 1.40. On the upside, the resistances are at 1.4160, 1.42 and then 1.4235.

There is a lot of news that is scheduled to be released today, both in Euro and USD, and so this should be an important day, a day which will hopefully give us clues on future direction. I have a gut feel that this is going to move up today.

Updates on Signal Service

The signal service has been going on well over the past 2 weeks. Now, unlike the flurry of signals over a day, we have switched to a more sedate form of trading where i give only 5-6 signals a day but these trades are pretty solid and rarely do they lose.

So i am happy trading this way as it reduces a lot of stress for the subscribers and also for myself. These signals have been doing well over the past couple of weeks and we have been getting 50-100 pips a day. In fact, one of my subscribers was so interested that he has offered to open a website for me. That was very nice of him.

Overall it has been an interesting couple of weeks and i hope to continue this steady trading over the forthcoming weeks as well.

Daily Outlook for GBPUSD

Attached is the 1H chart for GBPUSD. As in EURUSD, this pair has also had a crazy couple of days wherein we saw a huge move up and we also saw a move which seemed a break of long term resistance at 1.66 but again we have seen a big move down based on bad news from GB and also due to good news from USA. As i write, it rests at a good resistance at 1.6418 and it would be an interesting next couple of days.

What has been curious over the last few days has been the fact that there has been so much ranging in so many pairs for so many days and yet, we are unclear about the direction. My medium term trend for both EU and GU is up but right now, these 2 pairs are caught between very strong supports and resistances and have been finding it difficult to break either of these.

For today, on the downside, the support is at 1.4018 and then at 1.6350 and then at 1.6250. On the upside, the resistances are at 1.6480 and then if this resistance is broken, we can again see an attempt at breaking 1.66.

For today, i expect some more ranging till the US news release later in the day and then the next course of direction would be determined.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. There has been some strange moves in this pair over the past couple of days and i believe these moves can be attributed to the fact that we were nearing month end which was also the end of the half year. We are also nearing a long weekend for the USA and all these could have contributed to the extra volatility of this pair.

We have had a big move up and then we have had a fall down which has shown that the breakout was a false one. As i write, the price is resting at a strong support at 1.4016. I would expect this price support region to hold and we might see a move up again. Today and tomorrow is very crucial as we have some big news coming out of the US region over the next 2 days which could lead to additional volatility leading into the long weekend. It should be an interesting next 2 days.

On the downside, the supports are at 1.4016 and then at 1.3980. If these are broken, then we have a strong support at 1.3920. I guess we are getting pretty much used to these supports nowadays with all this ranging going on.

On the upside, the resistances are at 1.4060, 1.41 and then a huge resistance at 1.4160.

For today, i expect 1.4016 to be a good support and expect price to move up a bit till the news. Expect more ranging till the news and then the news will determine the next direction.

Daily Outlook for EURUSD

Attached are charts for 1H, 4H and daily charts for the same pair, EURUSD. From the 1H charts, it is pretty clear that all down moves have been on low volume and all up moves have been supported by increasing volume. This is a clear indication that everyone favors the price going up rather than coming down.

On the 4H charts, you can see that the price is in the region of strong resistance. We can see several previous highs in this region and hence it would take a lot of effort for price to clear the region. Also, we see another major previous high around 1.4160 which should be the next region of strong resistance. If and when this is broken, we can see price moving to 1.4235 (from daily chart) and then to 1.44.

On the downside, the supports are at 1.41, which is a strong area of support, and then we have supports at 1.4040 and then at 1.40.

On the upside, the resistances are at 1.4120, 1.4160 and then at 1.4235.

I would be expecting an up day today and price should move up after a small retracement.

Daily Outlook for EURUSD

Attached is the 1H chart for EURUSD. Friday was an interesting day with the price making another attempt to break the resistance at 1.41. This attempt failed and what this has caused is that it has now resulted in a double top at 1.41 and now price is falling as i write.

I would expect the fall to continue through the day though the Asian session is usually quite misleading. But there are quite strong signs that the USD is going to strengthen today and it would be interesting to see how the day works out.

If the price does move down, then the support are at 1.4010 and then at 1.3977 and then at 1.3916.

On the upside, the resistances are at 1.4070 and then at 1.41 which should prove to be a strong resistance and i dont expect it to be broken today.

Overall, the trend should be bearish for the day but any clean break of 1.41 should signal higher prices though i dont whether it will happen today.

Major Announcement

Today, i can proudly announce about a project which I, along with a very good friend of mine, Richard from Holland, have been working on. Richard is a fantastic trader who has been working on an automated strategy for the past 2 yrs. I had joined him a few months back and now this automated system is running successfully.

A lot of work has gone into the system. This is a very complicated system with about 2700 parameters and we have used more than 40 computers to optimize this strategy. This system has been tested on over 35 years of data and has come through great.

It has been running on a live account now for the past 6 months and it has produced returns of 13% per month so far and this will only get better as we include more and more pairs.

The strategy and the software is now ready and it is just a question of optimizing it for each and every pair and this is what takes a lot of time and effort.

Now, we are looking to see how we could make this fully useful and we are looking at suggestions from all of you. Please mail me at kartram.77@gmail.com if you have any suggestions on how we could make this a win-win for all of us. I am convinced that we are on to something big and it should be interesting how the next couple of months would go.