EUR/USD Report:

As we head into this trading week, the trend is still down, but appears to be waning slightly.

Near-term support is at 1.4300. A drop below is likely to test former lows at 1.4260, but 1.4250 is also likely to act as support. A break below 1.4250 indicates a move to 1.4150. There is interim support in the area of 1.4200 and 1.4175.

EUR/USD overlook before closing the market:

EUR/USD has been testing the 3 month bottom line of about 1.4300 but it looks like it may soon be over and levels of about 1.5000 could be reached again.

Forex Trading Tips: My trading plan (example)

I never trade when I am tired, upset or rushed. I check the markets when I get home from work. I set up signals just before I go to bed. When an alert sounds I check the market and place my trades based on entry signals. I never anticipate what the market will do I trade only with signals. I always trade with a stop loss. I check the market when I get out of bed.I always trade in the direction of the trend on the 4-hour chart. I enter the market on the time frame that is easiest to read. I always use signals to enter and exit a trade. I always make my own decisions to enter/exit a trade. I always start a trade with one lot.I only add to a trade when there are signals. I never trade with more than 10% of my trading account. I record my trades in my trading journal. I accept losses and move on to the next trade.(Losing is part of trading) I take responsibility for my successes and failures in the market.(I do not blame others)

USD/JPY daily analysis:

USD/JPY remains in uptrend from 87.37. Further rally is still in favor and next target would be at 90.76.

Unemployment Claims to be released today:

The Unemployment Claims data will be released today. In case that applications for unemployment benefits show unexpected increase is likely the dollar's rally to be stopped.

Current price EUR/USD 1.4403

EUR/USD daily analysis:

Current price of the pair 1.4526. Deeper decline is still possible after a minor consolidation and next target would be at 1.4400-1.4450 area.

EUR/USD support and resistance levels:

Support and resistance levels based on a 4 hour chart:

EUR/USD S 1.4499 S 1.4512 S 1.4522 P 1.4535 R 1.4545 R 1.4558 R 1.4568

EUR/USD remains in downtrend:

As long as 1.4770 resistance holds, we’d expected another fall towards 1.4550 area. However, above 1.4781 will indicate that another rise towards 1.4800 may be seen at some point these week.

Industrial Production data to be published today:

The all-European industrial production is published after the Germany and France publish their figures. But since we’ve witnessed the big differences between the member states, and previous surprises, this figure’s release is important. After two months of growth, last month’s 0.3% rise is expected to be followed by a dip of 0.6%. Published on Monday at 10:00 GMT.

U.S. trade deficit unexpectedly fell in October:

U.S. trade deficit unexpectedly fell in October it was clear from today's trade ministry data on the country. Contraction of the negative balance is by 7,6 percent to 32.9 billion dollars. This news was supposed to push up the American currency on the market.
However, it was cleared today that applications for unemployment benefits last week rose by 17 thousand to 474 thousand pieces in total. That seemed to have pushed the USD a bit down, shortly after the two indicators were released at the same time.

EUR/USD analysis:

EUR/USD remains in downtrend. Initial resistance is at 1.4781, as long as this level holds, downtrend will continue and deeper decline towards 1.4626 key support is possible later today.

Euro looks in trouble as JPY indicates to start recovering:

The yen tends to strengthen amid economic and financial turmoil because Japan’s trade surplus reduces its reliance on foreign capital. Japan’s government also today unveiled a 7.2 trillion yen economic spending package.

Daily support and resistance points EUR/USD:

Daily Points: S 1.4605 S 1.4681 S 1.4753 P 1.4829 R 1.4901 R 1.4977 R 1.5049

The dollar rose sharply on Friday:

The dollar rose sharply against a basket of currencies on Friday, registering its best daily performance in nearly a year after surprisingly good data from the labor market in the U.S. breathed new hope that the economy is going as a stable path of recovery.

The Non Farm Payrolls data very positive for the USD:

The Non Farm Payrolls data yesterday was very positive for the American currency. The number posted was that U.S. Economy only lost 11,000 jobs. This is big news because the number was supposed to be - 119k so that means that the estimate was 108,000 off. The currency pair EUR/USD moved with about 180pips downside in favor of the American Dollar and the market reacted with strong movements. The market closing price of the pair 1.4843

Current support and resistance levels of EUR/USD:

S3 S2 S1 P R1 R2 R3
EUR/USD 1.5045 1.5049 1.5053 1.5057 1.5061 1.5065 1.5069

EUR/USD today's outlook:

Current price of the currency pair is 1.5089 and it looks like it may rise up again to levels of about 1.5120-1.5130 later on today.

ADP Non-Farm Employment Change:

The ADP Non-Farm Employment Change data was released today. The actual result (-169K) was better than the forecast (-149K). The USD rose against the European currency right after the data was released. EUR/USD pair dropped off with about 20pips within 30-40 minutes after the data was published. Current price of EUR/USD 1.5037 and it looks like the pair is dropping down to about 1.5200-1.5010

EUR/USD reached 1.5100:

The currency pair reached 1.5100 and it looks like in the next a couple of hours we may see the pair going down to levels of about 1.5000-1.5020. On the other hand we may see support at about 1.5300-1.5400 and another rise to test 1.5150-1.5200 could be seen later on.

Nationwide HPI m/m to be released on Tuesday:

The Nationwide HPI data will be released on Tuesday. It is expected to rise by 0.4%. This is a very important indicator regarding the house industry in the United Kingdom. Current price of GBP/USD 1.6440

Forex Trading Tips: Lack of knowledge:

This is perhaps the most common and the most serious mistake of all. Traders come to forex without even elementary knowledge of the market. They do not know what drives exchange rates. They do not know what influences the market. There are so many factors that have a direct impact on forex. Traders must know all of them. Otherwise, the forecast may turn wrong and you lose your money. What factors influence forex? First of all you need to pay attention to data released by national and international financial institutions. This is data on gross domestic product, interest rate of national and international banks, consumer purchasing power etc. You should be aware of economic and political situation in the world. Statements and announcements of the world leaders can immediately send the market down or flying in the sky.

EUR/USD has dropped sharply:

The currency pair has dropped sharply from about 1.4950 to 1.4850 at the moment. It looks like deeper decline to test 1.4801 support is now in favor.

EUR/USD remains in uptrend position:

Current price of the pair 1.5069 and on the one hour chart it looks like the currency pair could remain in uptrend position and could reach levels of about 1.5090-1.5100. I guess the resistance is located around 1.5105

GBP/USD daily outlook:

GBP/USD

Trading range: 1.6590 - 1.6700

Trend: Upward

Buy at 1.6700 SL 1.6560 - 1.6680

EUR/USD is in positive trend:

Current price EUR/USD 1.4971 and on a daily chart it looks like the currency pair may reach levels of 1.5000-1.5300. The US unemployment claims will be announced today, and if negative that could be positive for the European currency.