Hello and welcome back to another week of trading. Pulling up the EUR/USD hourly chart, we have a couple things to point out.

First off, for the people that just want the forecast, there is still room for upward movement (1.4150 - 1.4200 area and above) - however, if you look at our the last part of our chart, it looks like we’re potentially forming a Ending Diagonal, so after it tops, look for a strong movement down - which other analysts have said will happen soon - however, let’s not jump the gun too quickly.

Secondly, some people have emailed us asking if this movement down could be considered an “Impulse” movement. Although it seems like you can clearly count 5 waves from the top, we see that Wave 4 breaks into the area of Wave 1, thus invalidating that this is an impulsive wave.

Some would argue this is a 3 wave corrective and that we are starting to move up again. Only time will tell to see if that theory is correct. Until then, look for the shorter term trade if that fits your trading style.

Good luck and be sure to leave your comments or email us if you have any questions.

With all the world watching the news about the passing of Michael Jackson, let’s pull up a trade watch on the USD/CAD.

Looking at the USD/CAD 10 minute chart, it looks as if we’ve seen a recent top form. From the top, you can see a nice movement down. Look for a potential correction back up and then for the currency pair to head back down. The daily chart is also showing a potential bearish signal as well.

If it breaks above the labeled recent top then that would invalidate this forecast.

As we always say, be sure to use the weekend as time away from the markets to enjoy with your family and enjoy your life because you never know when something may happen.

Good luck with your trading, enjoy your weekend and catch us again next week on ‘The Trader’s Edge.’

Great - we’re glad you asked that question and here’s our report.

The talk all across FX land is the release of the FOMC statement happening later on today. The dollar has started leveling off somewhat after weakening against the majors from the start of the week.

Now, to answer your question of ‘What’s next?’

Technically speaking, look for EUR/USD to keep its bullish feel. We may see a slight dip after the announcement, depending on what it is and how trader’s react.

Is the recent 1.4337 high the top? Don’t be hitting the SELL button just yet. There is still plenty of room for the pair to potentially break above this price and continue up.

For fundamental analysis and a breakdown of the FOMC, read fellow FX Street blogger Tim Salem’s report.

Whatever your position, remember to use caution when trading around announcements and remember your money management. Good luck.
 

Look for continued downward pressure in the EUR/USD to the 1.3800 area. If it breaks below this price and breaks away, look for the next area of support to be at the low of June 15 (around the 1.3745 area).

Good luck and we’ll update our blog again shortly with a more detailed report once we complete our scan of the markets.

The trading week is almost over but there are a lot of potential trades we’re monitoring - including a little longer term trade on the EUR/USD.

You can see the trendlines we drew in and these show the potential for more upwards pressure.

Our initial analysis shows a potential price target of 1.4189. If it passes that, then look for it to test the high from 6/3/09 at 1.4336. If it closes above and breaks away from that price point, then look for the price movement of 1.4400 and up.

We may see it come down to test the bottom trend line - so you must decide for yourself when the best point of entry is for you. Utilize your money management and figure out your Risk vs. Reward ratios.

In the event we don’t see you again before the weekend, we hope everyone has a great weekend - and everyone has a happy and safe Father’s Day on Sunday.

Again - if you haven’t signed up to receive emails of whenever we update our blog, be sure to sign up so you can receive the latest Forex signals and analysis from Pro Pipper Trading.

Good luck.

Hello.

It is now 7:11 am GMT and we just hit what just passed the 1.3920 barrier a few about 20 minutes ago. Look for a potential continuation of the bullish movememt, however, keep in mind that we will potentially see a short drop to the downside, potentially testing the recent lows around 1.3810 and perhaps even further.

This is something that’s just forming now so be sure to run your analysis on this particular market and use your money management and place your stops if putting in a trade.

Good luck and we’ll continue to monitor this throughout the European and US sessions.

Hello and welcome back from the weekend. We hope everyone had a nice weekend.

Let’s start the week off with one of the favorite’s - the beloved EUR/USD.

It looks like we’ve started a trend to the downside and it looks like we’ll continue this for a short while.

If the pair breaks the low of 1.3805 (June 8), then look for a continued movement down to the 1.3800 - 1.3600 area. Our lowest turning price point came in at 1.3488. After that, look for it to head back up.

Good luck and happy trading!

Let’s take a break from the majors and look at the NZD/CHF.

The longer term movement is bullish and it looks as if we’ve formed a triangle formation.

We first drew in our SP2 trend line, then duplicated it and placed that line as our SP1. As you can see, we have broken the top of the triangle and am currently moving upwards. Look for the currency pair to come back down and test the SP1 and potentially the SP2 line as well.

You must take into account your own strategy and analysis of this particular pair and your risk appetite before entering the trade.

Watch the announcements and place your stops.

Good luck.

We saw another strong upward movement on the EUR/USD in earlier trading and the bullish momentum seems to still be there. Look for more continued upward movement, potentially testing the earlier high on June 2 (not in the upcoming European session but within the next few trading days).

Good luck and happy trading.

What a day last Friday. We saw the EUR/USD go up a little bit then freefall down. We hope that everyone was on the right side of the trade on that one.

So, where do we go from here? Well, there are two key price levels to look at which will help determine the direction.

As you can see from the last few candles on the chart, it has been very bullish from the start of the day. Judging by the way the candles are forming, it seems as though we will continue to see more bullish movement in the EUR/USD.

However, look for the pair to cross either our top (horizontal) line or the bottom (horizontal line). A close above the top horizontal line will signal more upward movement. We’ve also drawn in a trend line that formed. If the currency pair continues to move up, then look for our trend line to act as resistance.

The months are flying by as it is already June and our trading year is half way done. Good luck with your trading and if you aren’t signed up to ‘The Trader’s Edge’ yet, be sure to do so you can get the latest Forex analysis from Pro Pipper Trading.

See everyone again soon.