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Daily Report: EUR/USD and the Overall Market

Site Administrator | October 12, 2011

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Last week we mentioned several times throughout our Daily Report that the EUR was the market to watch.  We also pointed out that the 1.35 area on the Euro currency futures was a key and pivotal area to watch that the bulls needed to get above for an extended move and we have now seen that occur.  Just as that 1.35 area was resistance, we can now consider it support.  While we do not trade the Euro that often, it is an extremely important indicator that everyone should have on their quote screen.  The overnight futures traded higher and continue to do so which prompted our trading rule of the day which is "Don't fight a runaway market."  Have a plan, watch the numbers and trade that plan but don't let the thought, "the market should not be here" factor in to your analysis.  Trade what you see and not what you think!

As far as the overall market goes, we are focusing in on the 1216-1220 area as a key and pivotal area of resistance for the E-mini SP futures.  A break of this key area could lead to a challenge of the pivotal yearly open area of 1256 and would be a point the bears would rather not see but will surely attempt to defend.

Take a look at today's Daily Report and Rule of the Day at the video link below:

Be sure to join us for our next event which is a TradingPub.com Special Double Header Educational Event.

CLICK HERE TO JOIN THE DOUBLE HEADER!

Cheers,

The TradingPub
“Trade, Talk, Learn – Cheers to Success”
Follow us on twitterLast week we mentioned several times throughout our Daily Report that the EUR was the market to watch.  We also pointed out that the 1.35 area on the Euro currency futures was a key and pivotal area to watch that the bulls needed to get above for an extended move and we have now seen that occur.  Just as that 1.35 area was resistance, we can now consider it support.  While we do not trade the Euro that often, it is an extremely important indicator that everyone should have on their quote screen.  The overnight futures traded higher and continue to do so which prompted our trading rule of the day which is "Don't fight a runaway market."  Have a plan, watch the numbers and trade that plan but don't let the thought, "the market should not be here" factor in to your analysis.  Trade what you see and not what you think!

As far as the overall market goes, we are focusing in on the 1216-1220 area as a key and pivotal area of resistance for the E-mini SP futures.  A break of this key area could lead to a challenge of the pivotal yearly open area of 1256 and would be a point the bears would rather not see but will surely attempt to defend.

Take a look at today's Daily Report and Rule of the Day at the video link below:

Be sure to join us for our next event which is a TradingPub.com Special Double Header Educational Event.

CLICK HERE TO JOIN THE DOUBLE HEADER!

Cheers,

The TradingPub
“Trade, Talk, Learn – Cheers to Success”
Follow us on twitter