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Yesterday, I decided to close out my short positions on the EUR/USD, which on hindsight was a big mistake. I should have stuck with my original TP, and it would have rewarded me with an additional $4000.

Many people have asked me how I derived my TP of 1.3252, and I have decided to reveal one of my techniques for doing precise price projections. If you see the pink grid in the chart, I had that plotted even before the breakout, and if you observe the black sell arrow at the top, that is where price reached, almost to the precise pip. That’s how accurate it can be.

For today, the path of last resistance is still upwards, and I will be watching to either enter on higher timeframe pullbacks or in the opposite direction should I spot any reversal pivotal points.


weekly chart of USD

On this weekly chart of USD/JPY, we can see that the USD has not touched the 20-EMA in quite a while, and has also bounced off the bottom of the channel. Since there is still much bearish pressure, there is a good chance that it will try to test the old lows of 82.85. USD has been weakening against the Yen, which led to the BoJ intervening to prevent a further strengthening of the Yen, by buying USD and selling Yen. An overly strong Yen makes Japanese exporters less competitive in the global market.
weekly chart of EUR/SGD
On this weekly chart of EUR/SGD, we can see a double bottom trend reversal pattern, after the down trendline was violated. However, given the prior strong downtrend, the bull flag might fail and go into a consolidation instead. This might simply be a 2-leeged pullback before resuming the downtrend. .

EUR/SGD - going down
The Euro is going down, and is showing extremely weak technicals, which underlie the festering Greece debt fundamental problems. This is the first test of the 20-EMA after staying away for quite a long time, showing the bearish pressure. It also coincides with a breakout below the support of 1.92 and a pullback. On an unrelated note, it seems that my holiday here in Europe is getting cheaper and cheaper. I will be timing my exchange of SGD to EUR near the support levels.