Currency Futures Trading

The EUR USD blows through the 5-day moving average (1.3272), which had been a stiff area of technical resistance for the last several weeks. In last night’s currency futures recap I wrote that the kind of move in the Euro Forex might be a good gauge of technical momentum, which turned out to be pretty accurate. The question for commodity traders day trading futures, specifically the EUR USD is do they look to fade this rally or look to jump in on the long side? Looking at the 60-minute chart of the June 2010 Euro Currency Futures contract (see chart below) we can see above today’s high (1.3344) there isn’t much in the way of technical resistance until the area around 1.3400.

The area back in the vicinity of the 5-day moving average (1.3272), which is also in close proximity to the bottom of the bear flag technical formation (outlined in red) will be a pivotal area of technical support. For complete detailed technical analysis for currency futures trading, join me daily in our live trading room. A trading room created by professional traders for traders.

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If you would like just a nightly technical recap, update and outlook for the currency futures market simply sign up for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the currency futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition.

Technorati Tags: 6E, Commodity Traders, EUR USD: Euro Forex: Euro Futures, Euro Currency futures, live trading room, Technical Analysis

Commodity traders day trading futures, specifically the EUR USD are caught in a bear flag technical formation (outlined in red) on the 60-minute chart of the June 2010 Euro Currency Futures contract (see chart below). The top of the bear flag technical formation is also in close proximity to the 5-day moving average (1.3280), which has been a stiff area of technical resistance over the last three weeks in the EUR USD. The question for commodity traders trading the Euro Forex now is a simple one. Because the bulls have failed to get above the 5-day average after several attempts today, does that signal technical weakness and does it entice sellers to step in and sell the Euro Futures?

You can see by looking at a TradeFlow™ chart (see chart above)that the bulls have ran into aggressive selling today between two areas. These area are pivotal areas of technical resistance, while a break below the area (red and white rectangle) where buyers were aggressive may trigger short-term downside momentum. For complete detailed technical analysis for currency futures trading, join me daily in our live trading room. A trading room created by professional traders for traders.

For more information on our Live Trading Room….

If you would like just a nightly technical recap, update and outlook for the currency futures market simply sign up for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the currency futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition.

Technorati Tags: 6E, Commodity Traders, EUR USD: Euro Forex: Euro Futures, Euro Currency futures, live trading room, Technical Analysis

Once again the EUR USD headed south making a new weekly low (1.3117). The weekly chart of the EUR USD (see chart below) clearly shows that commodity traders on the short side have definitively broken through the bottom of a bear flag technical formation (outlined in red), which in my technical opinion is technically significant. The question for commodity traders day trading the Euro Forex now is, is there any hope for a counter move by commodity traders looking for a bounce, or are bears just to strong right now to even consider buying this sell-off in the Euro Futures market?

The 60-minute chart of the June 2010 Euro Currency Futures (6E) contract (see chart above) shows that the commodity traders are trading in a very shallow area of concentrated volume, which in my technical opinion makes for larger short-term swings. The small strip of concentrated volume (gray rectangle between 1.3164 & 1.3214) may provide a good gauge of technical strength later tonight. For complete detailed technical analysis for currency futures trading, join me daily in our live trading room. A trading room created by professional traders for traders.

For more information on our Live Trading Room….

If you would like just a nightly technical recap, update and outlook for the currency futures market simply sign up for my Nightly Technical Recap, Update and Outlook for the Currency Futures Market.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing technical analysis in the currency futures market will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition.

Technorati Tags: 6E, Commodity Traders, EUR USD: Euro Forex: Euro Futures, Euro Currency futures, live trading room, Technical Analysis