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Forex Trade Alert EUR/USD.

Forex Trade Alert for Symbol EUR/USD

Euro.

The euro penetrated resistance at $1.25 and the descending trendline. It is too early to call this a reversal, but the primary down-trend is weakening.

Expect retracement to test the new support level at $1.25. Failure of the rising trendline would warn of a primary down-swing with a target of parity — confirmed if support at $1.19 is broken. Respect of support would suggest a reversal, but confirmation would only come from a higher trough followed by a new high. Momentum crossed to above zero but must rise further (say 5%) if it is to provide evidence of an up-trend.

Forex Trade Alert for EUR/USD Monday Jul 19, 2010.

Market is holding above the 1.2465 level. 4xGenie Action: Maintain long position. Price projection of 1.2964 has been reached. Stop at 1.2523. NOTE: The width of the Bollinger Bands is expanding which indicates that prices are trending. The CCI is above 100. This currency pair is overbought at this time.

Next Day Trading Ranges for Monday Jul 19, 2010.

The [R3] or the most extreme high trading range is 1.2959.

The [R2] or the extreme high trading range is 1.2939.

The [R1] or the high trading range is 1.2922.

The [P] or pivot point is 1.2902.

The [S1] or the low trading range is 1.2885.

The [S2] or the extreme low trading range is 1.2865.

The [S3] or the most extreme low trading range is 1.2848.

Next Day Alternate Stops for Monday Jul 19, 2010.

The red line to the right on your chart is an extreme support or resistence level for the next trading day.

A good alternative stop is one which is placed just beyond this extreme support/resistance level.

In this particular case if the price drops below 1.2865 then that would show momentum against 4xgenie‘s long position and that would be a break out to the downside.

Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.

Current Day Trading Session:

Momentum is continuing upward at the present time.

Next Day Trading Session:

If the next day’s close is below 1.25873 then that could be a sign that the current upward momentum is reversing.

4xGenie Support Team.