We saw a decline in the EUR/USD which is a preview of what’s to come. Look for the EUR/USD to continue moving downward for around the next two weeks. After it hits a bottom, look for a potentail reverse to the upside - past the high on May 22.

We’ll update everyone as we get closer to this time.

Until then, good luck with your trading and we’ll see everyone again shortly.

Hello.

As we gear up for the NFP - just wanted to give everyone a snapshot of the Euro.

The general consensus -550K to -600K with a 8.6% - 8.9% unemployment rate forecast. We’ll see how the numbers pan out in about 8 hours.

Technically speaking, the EUR/USD is still seemingly bullish. We may see a retracement down, however, the overall trend seems to be bullish. We’ll have to see where the numbers come in at and how it effects the market to take any trades.

When the dust settles, look for a potential move up to 1.3550 and up.

We’re doing our research now. It’s amazing to see how many traders come in unprepared when it comes to the NFP. Do your research, know what triggers you have and be ready to execute them quickly.

We’d also like to take the opportunity to say Happy Mother’s Day to my mom, wife, sister and all the mother’s out there.

Good luck and have a great weekend. You deserve it!

Hello Atif,

Thank you very much for your comment. Yes, we haven’t been able to close near the high for the past week now.

As you can see on the chart, we are now forming a channel. Look for a potential move down to the bottom trend line, however, the longer term trend still appears to be bullish.

When the pair starts to channel like this, look for a major breakout. We will most likely get a glimpse of the direction before the NFP coming out so between now and next week is a critical time for this pair.

When we see a nice wave count or can get a clear direction, we will update everyone on our ‘Trader’s Edge’ blog here on FX Street.

Good luck and be sure to use your stops and apply your money management.

Hello everyone!

We just wanted to round up the year end of 2008 and look forward to what’s up for 2009.

As expected, we’ve seen some wavy moves on the EUR/USD as trader’s around the world are looking to celebrate the new years celebration.

Let’s wrap up ‘08 with the EUR/USD - 5 minute chart. The trend line on top was drawn on an hourly chart. As you can see, we are slowly creeping up - however, late December is always a tricky time to diagnose market sentiment.

On the technical side, look for a break of the two trend lines. If it breaks the bottom trend line, look for it to continue going down to the low earlier today. If it heads up past the upper trendline, look for it to test the top trendline (area marked in yellow).

Remember, if for some reason you decide to place a trade, be sure to use your stops and apply your money management. However, at this point, it’s probably better to have fun tonight with friends and family and then we’ll take a look at the markets in ‘09.

We still have a couple hours to wish all our friends in Europe a Happy New Year! We hope that 2009 will be a great year and a year for people to acheieve their trading goals.

Hello everyone.

We hope everyone had a great NFP trading day and a restful weekend. We’re back and let’s take a look at the EUR/USD.

Two key prices remain in effect to see where the Euro is heading. Our larger term count shows the low on 10/28 to be the completion of Wave 3 on the Daily chart. To determine this, we need to watch two levels.

1.3296 on the upside and 1.2331 on the downside.

If the pair moves above the 1.3296 level, look for continued movement up and would potentially be the 3rd wave of the retracement.

The triangle formation would suggest a down movement, however, shorter time frames suggest there is more room for potential up movement.

It is important to keep in mind that the closer we move to the holidays, the less volume may come into play and pairs may be very erratic with the low volume. Be sure to use your money management and trade with a stop.

Good luck and we’ll see everyone again tomorrow.

Hello.

Today will be a busy day as we have the CoE, CPI and FOMC Minutes coming out.

Let’s take a look at the EUR/USD. As you can see, the pair has been pretty stagnant right before the opening hours of the European session.

We drew in a couple trend lines and we will wait and see what unfolds from the day’s trading and the reports coming out later on today.

Initially, it shows that the EUR/USD will potentially  continue its downtrend, however, we’ll need to wait and see what unfolds. A strong break of either line may indicate a short-term breakout.

Good luck and remember to use your own money management and Risk vs. Reward ratio when placing any trade.

If you’d like more detailed analysis on the reports coming out, be sure to visit FXStreet.com.

Hello everyone!

The FX markets, as a whole, has not given us a great trade set up so let’s look at the EUR/USD. This will be more of an analysis than a trade set-up or call.

Our initial scan indicated that we are moving up to complete a correction from the larger move downword. Take a look at the two lines. Look for a strong break of either of these two lines to enter your trade.

Good luck and we’ll see you again shortly.

Hello everyone.

If you remember, we said the EUR/USD was heading down to 1.1000. We’ve had a good move down thus far and now we’re in a bit of a retracement. The longer term trend is still down.

I drew in a trend line and did some Fibonacci analysis and found a potential turning point at 1.4220.

So, the question is, do we trade against the overall trend? We’ve all been taught - the trend is your friend. Well, the answer depends on your risk tolerance and money management. Also, be sure to check out the other expert bloggers on FX Street.

Good luck and happy trading.