November 2, 2009 07:05

Forex Signal – EUR/USD Mixed Signals Start the Week

By:

11-01-09

6:26a GMT – Welcome to November! First off if you are wondering why PipHut looks different head over to the “new (and improved) PipHut” post to read up on the changes. Got good pips off Friday’s breakout signal as the lower support was pierced and we rode the fall down to profit. This Monday the signals are a little less clear. The pair dropped almost 400 pips last week on weak fundamental news, meaning a lot of drop could have been due to profit taking after EUR/USD rise over the past several months. Technically on the 4-hour chart the pair just bounced off of its support around 1.4700, established support that has held three times this month. On the daily and weekly charts we are still in a clear uptrend though more profit taking could occur and push the EUR/USD lower.

If the outlook sounds mixed that is because it is – but because we have such a strong uptrend on the daily chart and because the pair just bounced off of 1.4700 support (the 61.8% fibonacci retracement of October high/low) for the third time in the past month we will look to steal some pips on the upside bounce.

Trading Idea: Looking to buy dips at support levels above 1.4670. Support at 1.4700 and 1.4725 may offer opportunities. Candlesticks will be important to confirm the trade. Long targets at 1.4755, 1.4790 and 1.4830.

(click to enlarge)
eu110109buying

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27 Comments on "Forex Signal – EUR/USD Mixed Signals Start the Week"
  1. Reply
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    Comment left on:
    November 2, 2009 at 07:09
    jacques says:

    Good plan

  2. Reply
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    Comment left on:
    November 2, 2009 at 09:58
    Philip says:

    Excellent Plan made major pips last week!!!!

  3. Reply
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    Comment left on:
    November 2, 2009 at 11:41
    Matt says:

    Great strategy! Nice bright colors for the website, keep it up!

  4. Reply
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    Comment left on:
    November 2, 2009 at 11:43
    Jermaine says:

    Looks good Mark!

    Jermaine

  5. Reply
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    Comment left on:
    November 2, 2009 at 13:01
    OmniForex Signals Membership Review says:

    Hey, I came across your post from the search engines, am new to Fx trading and i can say this information is very helpful
    thanks and God Bless

  6. Reply
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    Comment left on:
    November 2, 2009 at 15:25
    jason says:

    how do you know when to use 4 hr chart or 60m chart? The trend was down last week and you didnt use 4hr… please explain.

    • Avatar of piphut
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      Comment left on:
      November 2, 2009 at 15:46
      piphut says:

      Jason, I use both, always. I just post whichever one seems more relevant at the time. The more confluence you can find between timeframes the stronger the signal.

  7. Reply
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    Comment left on:
    November 2, 2009 at 15:40
    Ed says:

    Mark. I have my T/P just bellow the 1.272 fib. Do you think that is a valid profit target?

    • Avatar of piphut
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      Comment left on:
      November 2, 2009 at 15:44
      piphut says:

      Do you mean the 1.4927?

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        Comment left on:
        November 2, 2009 at 16:06
        Ed says:

        No. I mean 1.272 (1.49021?). Thinking the retrace is from 0.618. May need to go back to fib skool though. Thank you for your patience with another noob question. :)

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          Comment left on:
          November 2, 2009 at 16:23
          Ed says:

          OK. I got it now. Was not paying attention to the numbers ( price )on the right.

          • #
            Comment left on:
            November 2, 2009 at 16:51
            Ed says:

            Also just discovered my fib was setup wrong. Looks like the next resistance level is 1.4840. T/P @ 1.4830. Just not paying attention today.:(

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      Comment left on:
      November 2, 2009 at 17:19
      ziad says:

      Ed I am still new too, can you share on what chart you considered the resistance level 1.4840? I am just curious to learn how you pros get this data.

      thx in advance

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        Comment left on:
        November 2, 2009 at 22:36
        Ed says:

        Hi Ziad,

        Sorry for the late reply. I am going by Mark’s Chart for today.

        Pro? I am no pro. Been doing this on Demo account for a month now. :)

  8. Reply
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    Comment left on:
    November 2, 2009 at 19:00
    CROM says:

    are the signals still active? can we buy around 1.4720?

  9. Reply
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    Comment left on:
    November 2, 2009 at 19:06
    Jevgenij says:

    Wery NICE Mark !!! good looking and profesional website :)

    exept that i liked black background more :D hehe

  10. Reply
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    Comment left on:
    November 2, 2009 at 19:08
    Jevgenij says:

    I would wayt Crom .. coz it looks like its still faling down …wayt and see if 1.4700 suport holds :/

  11. Reply
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    Comment left on:
    November 2, 2009 at 19:11
    CROM says:

    guys, signals are still taking place?

  12. Reply
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    Comment left on:
    November 2, 2009 at 19:21
    CROM says:

    thanks Jevgenij

  13. Reply
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    Comment left on:
    November 3, 2009 at 02:50
    hassan says:

    hey mark. this is my 1st comment, plz reply. why you dont publish your analysis and trading ideas in GBPUSD? you analysis in EURUSD is awesome man

    • Avatar of piphut
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      Comment left on:
      November 3, 2009 at 03:09
      piphut says:

      Hassan, thanks and welcome to PipHut. I have plans to offer more pairs in the future. Right now it’s just a matter of time that I only post my analysis for EUR/USD.

  14. Reply
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    Comment left on:
    November 3, 2009 at 03:08
    yoshi says:

    Usually at what time you post you analyst and signals(GMT)?

    • Avatar of piphut
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      Comment left on:
      November 3, 2009 at 03:09
      piphut says:

      Yoshi, usually around 5a GMT.

  15. Reply
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    Comment left on:
    November 3, 2009 at 05:02
    vijay says:

    Hello Mr. Mark , Good Morning
    This is vijay from India, This is my first comment in piphut .I say you are great in analysis of Euro/USd currency . I am watching so many signal provider web site among them your signal is accurate more than 95%. thanks for public service in forex market. Have a great day Mark.
    Once again thanks you.

  16. Reply
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    Comment left on:
    November 3, 2009 at 19:12
    Ana says:

    Mark, You’re a god send. Thanks for sharing your knowledge.

  17. Reply
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    Comment left on:
    December 24, 2009 at 13:11
    Vedran says:

    Hello everyone :)
    Happy New PIP YEar and marry Fibonacci christmass !

    I just wanted to say if u wanna double up the pip, just take a look to graph usdchf and you will see mirror happening :)

    I u get what i mean ;)

  18. Reply
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    Comment left on:
    February 1, 2010 at 18:35
    Lordsbe says:

    Whow you got very x cellent ways of analysis in creative ways and av stirred some researchin spirit in me .this breeds confidence thats ALL what u do or else i cud hav run away from FX. NOW IM IN HEAD TO TOE.

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