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.

Greetings. We hope everyone enjoyed their weekend. For those of you that attended the Forex Trading Expo in Las Vegas, I hope you had a good time. Perhaps next year you will attend one of my seminars or group discussions at the expo. I know I will soon see all of you at an upcoming ITC from FX Street.

Let’s take a look at the EUR/USD. Let me first state that this is a risky set-up (of course, all trading set-ups are in some way ‘risky’). However, this does show a good example of utilizing your Risk vs. Reward Ratio.

One Elliott Wave count is looking at a Wave 3 Impulse move down. The high of 9/15/08 serves as the invalidation point, as that is the completion of Wave 2 - put your stop right above there. If this forecast is correct, look for the pair to head down below Wave 1, potentially to the 1.3700 area.

Again, this is a RISKIER set-up than I would prefer when trading but it is a valid count. Proceed with caution and utilize your money management techniques.

Good luck.