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EUR/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.4085
Key G7 resistance levels: 1.3780/1.3800, 1.3840, 1.3930
Counter-trend and scalping opportunities:
Strategy: Whilst below the weekly trend reversal level sell rallies to resistance levels after an entry signal.
Today’s trade suggestion: The euro’s fortunes have reversed quite dramatically, and we have a very bearish pattern on all chart time frames. We’ll look to sell the euro into resistance levels after pullbacks. This is not a good time to be picking bottoms and trading counter-trend. There are very few clear support levels below us and we have just broken below major range support.
Summary: Sell rallies to resistance levels listed above after a G7 entry signal.

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EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.3850
Key G7 support levels: 1.3950, 1.3850
Counter-trend and scalping opportunities:
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.
Today’s trade suggestion: This week remains long, despite the rather suspicious-looking daily and weekly candles, which warn of a potential medium term top in place. We are currently at support near 1.3950, but we have no clear G7 signal to buy just yet. Further support lies below at 1.3850 – the weekly reversal level. Watch and wait for a clear G7 signal at either 1.3950 or 1.3850 before buying the euro.
Summary: Buy dips to support levels at 1.3950 and 1.3850 after a G7 entry signal.

GBP/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.5950
Key G7 support levels: 1.6080/50, 1.6020, 1.5960/50
Counter-trend opportunities:
Strategy: Whilst above the weekly trend reversal level buy

There will be no trading today because of the NFP news. Have a great weekend

Update 3 November: Back up to the top of the range and trading inside a newly formed hourly channel (see chart) Frankly this is getting boring, so be prepared for a big move when traders become complacent. We are short from the 1.4050 area (range top, 786 Fib and channel top) after a G7 signal, and we’ll have to see how it plays out. Be alert for opportunities in either direction. Summary: Continue to trade the range: Look to sell into rallies to 1.4000 or 1.4080, or buy into dips to supports between 1.3950 and 1.3830.

EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.3734
Key G7 support levels: 1.3900, 1.3870, 1.3830/00
Counter-trend and scalping opportunities: 1.4000
Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.
Today’s trade suggestion: Another “flip flop” week, stuck in the range between 1.4100 and 1.3700. The weekly chart is just about bulling, but the doji candle suggests we could go either way this week, just like the past two. Key support levels are listed above. Key resistance levels lie at 1.4000 (the 786 Fib) and 1.4080 (the range top) We will consider trading in either direction this week, as long as we remain below 1.4100. Look for opportunities to buy and sell after a clear G7 reversal signal. Don’t be tempted to pick a direction and commit to it, being especially careful to stick to stops!
Summary: Continue to trade the

EUR/USD
Update 29 October: Back up to the 1.3950 level yesterday and no respite to the range trading which has dominated this month. We continue to look to sell the euro into rallies whilst below 1.4050, and we are short already from 1.3930, just below the 61.8% Fibonacci at 1.3950. Let’s see how this one works out. If not, we’ll look to sell again higher up near 1.4000/50. It’s been a difficult second part of this week, and as it’s the last Friday of the month, things can get worse, so be careful!
Summary: Try small counter-trend longs around 1.3800/3780. Exit longs and wait for a signal to sell at resistance levels listed above.

Here is a recent update on the euro…

Weekly Trend direction: Bearish

Weekly trend reversal level: 1.4050

Key G7 resistance levels: 1.3900, 1.3940, 1.3980

Counter-trend and scalping opportunities: Long 1.3800/3780

Update 27 October: Dropping as expected and yielding a good profit. We have reached key support at 1.3800/3780, and there may be chance for a counter-trend buy trade here, after a clear entry signal. So far everything is set up, and we need only wait for the trigger. If we rally to the resistance levels listed above, we’ll be looking for a trend direction short position after an entry signal.

Summary: Try small counter-trend longs around 1.3800/3780. Exit longs and wait for a signal to sell at resistance levels

listed above.

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EUR/USD
Weekly Trend direction: Bearish
Weekly trend reversal level: 1.4050
Key G7 resistance levels: 1.4050
Counter-trend and scalping opportunities:
Strategy: Whilst below the weekly trend reversal level sell rallies to resistance levels after an entry signal.
Today’s trade suggestion: The euro has been ranged for the past two weeks – stuck below 1.4100 and supported by 1.3700/3800. This means that weekly direction is not clear, and trading in either direction could yield profits. However, Last week DID have a lower high and a lower low, and we are still (just) below the reversal level at 1.4050. We also have a potential “one up/one down” weekly candle pattern, signifying that we may have a top in place. Our first trade for the week is a small short on the euro at 1.4030, with stops above 1.4050. If stopped out, we’ll re-evaluate.
Summary: Selling 1.4030, stops above 1.4050. If stopped, we’ll re-evaluate.

Update 22 October: Not a great deal to add. Euro has been range-bound this week, and we poked back briefly above 1.4000. Despite the 100 pip profit last night, there may yet be some more to be gained from the euro in either direction. We’ll wait and see how the early part of today pans out and look to buy or sell from the extremities of the range. Friday’s can be volatile, so care is needed. Note the daily and hourly “head and shoulders” patterns, meaning 3980/4000 would be the ideal price for a short if it comes up.

Summary: Look to sell or buy at range extremities if a high probability opportunity arises. Watch 3980/4000 closely for a sell. Don’t get into trades after about 2 hours into the NY session.