We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • #Dow Jones hits record high, however, central bank liquidity prompts volatility implosion. #FTSE 100 among underperformers with focus remaining on politics. Get your #equities market update from @JMcQueenFX here: https://t.co/EOFleGSeBp https://t.co/ecAyfSUeAM
  • RT @C_Barraud: 🇪🇺 #ECB’s Muller Says More Assets Could Join Stimulus List in Slump - Bloomberg https://t.co/roGEgu0VTQ
  • With increasing volatility in weather patterns, how might storms, hurricanes and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Find out from @JStanleyFX here:https://t.co/O4dgBl47fq https://t.co/OQYqZAYt9S
  • Currency Strategist,@PaulRobinsonFX is a Swing trader. What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/WzRYeqRhUL
  • Despite what your #tradingstyle is, you should be keeping a trading journal. How can you start keeping a trading journal? Find out: https://t.co/0akgWbyJEw https://t.co/4ehMlN4zv1
  • The Euro’s struggle to move higher against a range of currencies continues and without further support this is likely to continue into the year-end. Get your $EURUSD market update from @nickcawley1 here: https://t.co/myZ7R0eGUb https://t.co/12WJd53Cx4
  • The #Dow Jones moved confidently higher last week as it added onto recent gains. Now, #stocks will aim to continue their rally while enjoying support from prior all-time highs. Get your technical analysis on #equities from @PeterHanksFX here: https://t.co/Qb89HIWxBY https://t.co/HMguTvD157
  • How can you trade #forex after a major release? Find out: https://t.co/sdxcXb8q60 #tradingstyle https://t.co/LNcbvVhIc2
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/mk1w1DM2Rh https://t.co/m763epaH2C
  • Crude #oil prices, $NOK and $SEK may rise if Donald Trump’s speech on trade war developments amplifies market buoyancy against the backdrop of critical US CPI and retails sales data. Get your market update from @ZabelinDimitri here:https://t.co/5rdK7xsQNq https://t.co/YnlQjKNZdS
Guest Commentary: EURUSD History Suggests Caution at 1.2740 in the Short-term

Guest Commentary: EURUSD History Suggests Caution at 1.2740 in the Short-term

2012-11-08 11:35:00
Ed Matts, MarketVisionTV.com,

* In 2010 the Euro used to correct almost 100% back to the previous low before ending a trend sequence on the next new low.

* The Pandora Box analogy with 1996 synthetic price action calls for a 'ratchet' into 1.2610 the 50% retracement.

* July 2011 (Italian Crisis) provides a precedent for an unsustained break below the consolidation low.

Guest_Commentary_EURUSD_History_Suggests_Caution_at_1.2740_in_the_Short-term_body_Picture_1.png, Guest Commentary: EURUSD History Suggests Caution at 1.2740 in the Short-term

The Euro has duly disappointed the market with a deceptive recovery back into the 1.28-1.3170 range. The issue is whether this is still consolidation or trend.

History is our guide in 3 instances:

First as the strong recovery (10 pips beyond the 38.2%) fades the 1.2880 pivotal resistance then it is typical of 4th wave corrections 2 years ago and the expected 100pip consolidation should still break down beyond the 1.2740 major 38.2% retracement to 1.2610 the 50%.

Secondly 1.2610 is the interim base projected by the Pandora Box analogy with price action all the way back to 1996. So our strategy remains the same.. we have added to shorts today (1.2860) with 1.2920 stops for 1.2740 initially eventually 1.2610 where we will cover and buy.

However any further strength today into 1.2900 would complete a 5 wave trend sequence from the low as the first leg of a much earlier larger recovery (similar to the Italian crisis in 2011) to 1.3020-1.3170.

Further videos or commentaries are available from ww.marketvisiontv.com or @EdMatts on Twitter.

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.