• Home
  • Prop trading & Education
  • Disclaimer
  • Fxigor Twitter

FxIgor Trading Team

Forex technical analysis and best broker reviews and news.

Trading made simple

EURUSD Double Top

by FxIgor

This text is from blog famous currency strategist Joel Kruger .
FALSE HOPE – News that the US House of Representatives will come back into session on Sunday at 6:30pm NY time, and that President Obama will be meeting with Congressional leaders today at 3pm NY time, has helped to bolster risk correlated assets somewhat. However, it seems like any hopes that this might lead to a last minute compromise are fraught with naivety. In my view, it is more likely that both sides are only amenable to hanging around into the final hour so as not to look bad in the eyes of the public if the US does go over the cliff.
Daily forex technical analysis video:

THE DOUBLE TOP – From a price action perspective, things could be quite volatile over the coming sessions. While I believe that the ultimate result will produce a surge in broad based demand for US Dollars on the back of safe haven buying, it is still quite possible that the buck comes under some more immediate pressure before mounting a substantial rally. Technically, I see EUR/USD in the process of carving a double top on the daily chart. Any rallies should therefore continue to be very well caped below 1.3300 on a daily close basis, with a break of the neckline at 1.3155 to trigger the formation and open an accelerated decline to a measured move objective around 1.3000.

THE YEN AND TRADITIONAL CORRELATIONS – Elsewhere, the story of ongoing pressure on the Yen continues, with the currency selling off once again into Friday to fresh yearly lows against the buck and other major currencies (ie USD/JPY and EUR/JPY highs). Technically, the Yen is now begging for a short-term reversal of fortune, although fundamentals are not nearly as supportive. Nevertheless, if I were to try and extract some sort of fundamental justification for Yen longs at current levels, I would say that any negative outcome from the US government relating to the fiscal cliff, could very well be the catalyst for broad currency selling, with these flows supporting the Yen a bit on traditional correlations. Still, this does not change my bearish medium and longer-term Yen outlook, and I would only advocate the need for some short-term corrective Yen buying. Have a wonderful weekend!

Related posts:

  1. Limited Upside for EURUSD – US economy is showing very real signs of recovery
  2. Wait to see weekly EURUSD close
  3. Sell EURUSD at 1.3055
  4. EURUSD gravestone doji formation opens the door for significant declines
  5. Key bearish reversal days in forex market

Filed Under: Joel Kruger oppinion

About FxIgor

I am forex trader from 2009. and I am making autotrading systems using Metatrader EA. In this blog I will share my thoughts about daily forex traders, market forexcast, top forex brokers.

Make the trade

Search all forex articles

Categories

  • Binary options
    • Anyoption Review
    • Ubinary Review
  • Forex
    • Forex affiliate programs
      • Avapartner
      • Hotforex partner
    • Forex brokers reviews
      • 4XP broker Review
      • AAAfx Zulutrade Review
      • Alpari NZ Limited Review
      • Alpari UK Review
      • Avatrade Review
      • CMTrading Broker Review
      • Deltastock Forex Broker Review
      • Dukascopy forex broker
      • Dukascopy Fx Review
      • EasyMarkets review
      • ETX Capital
      • ETX Capital review
      • Exness Review
      • EXT Review
      • Forex.com
      • Forex4you Review
      • ForexYard Review
      • FXCM
      • FXDD Review
      • FXOpen Broker
      • Fxpro
      • Hotforex Review
      • HY Markets Review
      • iforex Review
      • Instaforex Review
      • Ironfx Review
      • Liteforex
      • London Capital Group
      • Marketiva forex broker
      • Markets.com
      • Nordfx
      • Pepperstone Review
      • Plus500
      • Roboforex
      • Swissquote Bank
      • UFX Markets
      • Windsor brokers
      • XeMarkets
      • Xtrade
    • Forex market review
      • Joel Kruger oppinion
  • Forex education
    • Forex indicators
    • Learn forex terms
    • Statistical arbitrage
    • Tips
  • Forex Expert Advisor
  • Forex payment method
    • Skrill
  • Promotions
  • Stocks
    • Equities of interest

Latest top forex brokers review

  • Alpari NZ Review
  • Avatrade Review
  • Alpari UK Review
  • Etoro Review
  • Fxopen Review
  • Aaafx Zulutrade Review
  • Hotforex Review
  • Fxpro Review
  • Instaforex Review
  • Xemarkets review
  • Markets.com review
  • Thinkforex Review
  • Ufxmarkets Review

Main forex sections

  • Home

Forex traders tools

  • Forex contests list

Forex Social network

  • Forex Twitter
Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Trading such products is risky and you may lose all of your invested capital. Before deciding to trade, please ensure that you understand the risks involved, taking into account your investment objectives and level of experience.

Copyright Fxigor