Technicially speaking on the EUR/USD, you can see we’re in a potential triangle formation, which means that after it is complete, we will see a move up.

Analysts numbers for the non farm payroll ranges from -155,000 to - 175,000 with the rate expected to come out at 9.9% - 10%.

If the pair does swing up, look for a potential price point near the 1.4993 area. If the pair goes down, look for a potential price point near 1.4771.

As always when trading this report, be sure to monitor your trades closely. If you’re in a trade now, be sure to protect profits and apply your own analysis and money management.

Good luck and we’ll see everyone again shortly.

Don’t forget to visit www.ProPipper.com for information on the Currency Cowboy Forex Trade Sheet. 3 different trading styles to integrate into your trading. Mention ProPipper.com for your discount.

We hope everyone had a great weekend and even better trading thus far.

For the EUR/USD, it seems we may potentially be forming a triangle formation - which, if is indeed the case, we will see a continuation down in the shorter term.

We were also running some different analysis and figures and saw that we may potentially see the EUR/USD hit the 1.5600 mark again.

Do you think it could do that? Well, if we’re seeing a triangle formation here, this means that the movement down cannot be a Wave 2 of an impulse. So, it seems as though we’re in a corrective phase and will see more short term down pressure followed by a long move upward.

Keep in mind we have the FOMC announcement on Wednesday and the NFP on Friday.

Good luck with trading. Apply your own analysis and be sure to use your money management.

Cheers.

Visit www.ProPipper.com for your DISCOUNT on the Currency Cowboy Trade Sheet. Take a look at the information.

Just a quick update on the EUR/USD. On a very short term, look for the pair to retrace down to the 1.4791 - 1.4750 area and then potentially head back up for a 3rd wave in the corrective wave.

Good luck with trading and if we don’t see you again, we hope everyone has a very happy and safe weekend.

Cheers.

Visit www.ProPipper.com for more information and a discount on the Currency Cowboy Forex Trade Sheet.

We saw some more downward pressure in the EUR/USD and am now heading into what looks like a potential retracement.

It seems we may have seen a significant top in this currency pair as it looks though the trend is now down.

As we mentioned in previous posts, if we are indeed at the end of an Ending Diagonal (ED), then we will see a nice drop down.

If the move down is the start of an impulse wave, we know that retracements for Wave 2 will go at least 38.2% but most retrace to the 61.8% level.

So, in the shorter term, watch for the pair to potentially retrace back to the 1.4826 area before analyzing and considering getting into a potential short trade.

More conservative traders will wait until it hits the 1.4913 area before getting in. You may want to adjust a couple pips to lower in case it doesn’t hit the 61.8% line.

Good luck and happy trading.

Don’t forget about our announcement on the Currency Cowboy Trade Sheet. Visit www.ProPipper.com for more information - it’s definitely worth looking at.

Wow - what a day with the EUR/USD. We hope all of you were on the right side of the trade on that one.

We saw a big drop on the EUR/USD. It has rebounded to the 38.2% Fibo level. On the shorter term, look for a potential movement down in a 3rd wave - keeping in mind the 2nd wave is very premature at this point - meaning we may see some more upward movement first.

Also - we’ve been talking about this for a while and we finally wanted to bring it to all of you. You need to log onto www.ProPipper.com to take a look at the Currency Cowboy Trade Sheet. Please take a look and contact us at tradesheet@propipper.com if you have any questions.

Good luck everyone and happy trading.

Cheers.

Well, the question on the minds of currency traders around the world is - will the EUR continue to rise?

We also had Jennifer asking if the EUR/USD will hit the 1.3700 mark in the 4Q. We’ll get to both of these right now.

There still seems to potentially be more uprise in the EUR/USD - although it looks to be losing some steam.

On the daily (or weekly) chart, we just broke and spread away from the 61.8% Fibo line (from the down trend in 2008). Some traders may look for it to go all the way back up to the high, but we’d also look at the 80% level - especially since this may potentially be a Ending Diagonal (ED) or even a truncated 5th wave (daily chart).

So, look for a potential turning point around the 1.5295 area.

Now, will it hit 1.3700 in the next couple of months? If this is an ED, then we typically see a fast, steep movement in one direction (in this case - up), then after it tops, it will drop very quickly. Some traders trade these formations very effectively.

How do we know when it “tops?” Look for a potential big final spike up (like the grand finale at a fireworks show) to get all the bulls out of the market then you can potentially see a nice steep decline.

The 1.3700 area is a bit “stretching” in the next couple of months at this point, however, that target seems potentially highly attainable once this market turns.

Good luck and happy trading. Remember to preserve your capital.

Also, many of you have inquired about the trade sheet. We will have something for you this week so stay tuned!

Another pair we keep an eye on is the EUR/JPY. We saw (and continue to see) range trading throughout the Asian session as we come up on the opening of the European session.

As we’ve seen before, when a currency pair trades in a range like this - the longer it trades in a channel, the more significant the potential breakout will be.

135.70
135.15

A break above/below and spread away could signal a potential signal in direction and trade.

Good luck and for those of you waiting for our EUR/USD outlook, we’ll have it for you soon enough.

Happy trading.

Cheers.

The EUR/GBP seemed to be a currency of interest so let’s head back to that particular pair and see what has unfolded thus far. You can refer to our post on this pair from October 6 here.

Although the long term remains potentially bullish, we can’t ignore the steep down movement we’ve seen in the past week.

If this pair retraces back up, look for it to test the .9220 - .9280 area.

The key price level you’re watching for is the recent low of .9114. If it closes below that then breaks away, then look for a continued movement down before any type of retracement bounce back up.

Happy trading.

Looking at the EUR/USD, we see the bulls currently have a good hold on this currency pair and it seems like they’re not going to let go anytime soon.

We may see a retracement to the 1.4850 - 1.4800 area but it looks like 1.5000 is not out of the question - in fact, maybe a good point to look towards because of its psychological significance.

Good luck with trading.