Author: Greg Michalowski
3

A large range and resistance make for a key resistance area for the EURUSD

Over the weekend, I did a video on the EURUSD and spoke about a key resistance level at the 38.2% retracement of the move down from the November high (see video here).

Well the EURUSD has moved sharply higher today, but over the last few hours has stalled against that key retracement level.

After a big daily move, it becomes harder for a currency pair to extend higher - at least on the day. Traders who rode the trend are happy to take profit and sellers get anxious to sell a high.  

If profit taking can be a technical level - like a retracement level - all the better. Risk can be defined and limited by those looking to cash in (in this case sellers).  New sellers looking to sell a high, can lean against an extreme as well.  This video explains this dynamic as a battle erupts against the retracement area and support below. 

If you like this video, click thumbs up. If you don't feel free to give it a thumbs down.



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Author: Greg Michalowski
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Author: Greg Michalowski
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How has the EURCAD done today?

More upside after yesterday's run up Yesterday, the EURCAD was the strongest pair.  When I looked at it from a trading perspective, there were some technical reasons for the move (). There were also some reasons to expect a continuation including:

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An interesting little item in the Japanese press this morning, particularly if you are new to FX Its in the Nikkei today, in brief: Japanese exporters will (in general, not always) receive USD in payment for the exports they sell:

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Which currency pair is the biggest mover today?

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Picking a market turn: Are we ready to turn in the NZDUSD?

Trend line above eyed for a change in the bearish pattern The NZDUSD has continued the move lower. Last week the high peaked at 0.7238. The pair has 4 consecutive lower closes. Today would be the 5th is the price can stay below the close from yesterday at 0.6927.  

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What happened last year when the FOMC tightened?

The last hike was on December 16, 2015 The last time the FOMC hiked rates was on December 16th, 2015 - nearly one year ago. The market was expecting the hike at the time - much like the market is expecting the hike this year.    

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How do you cope with the psychology of trading?

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Forex technical trading: USDJPY little changed after US data

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