Market Overview on Poundsterling Dollar (GBPUSD), Euro Dollar (EURUSD) and Dollar Canadian (USDCAD)

Market overview is important on how you see the current market condition. The first important step before making any decision to your forex trade is to always ask yourself "What's my market view?" on your mind to see how are you going to apply it on your trade. These currencies I'm overviewing are some of my favorites. Updated on the next posts will include the market overview on each other pairs I would like to trade. My first market overview is to be on Euro Dollar Foreign Currency.

Euro Dollar Analysis on Daily Timeframe:

A clear falling price we can see there for Euro Dollar since 1.5100 (rounded number) almost until the end of the year 2009 and then produced a stagnant area in the blue box I've drawn. Price has broken the resistance between the channel and is free to move up, or going back down for a false breakout. My forex simple system (Price Action) haven't signal me to both to sell Euro Dollar or even buy the Euro Dollar. We will see what happen the next or two days later for that.

Poundsterling Dollar Analysis with some scenarios:
Red circles are supports and resistance to price

Uncertain possibilites are still hanging there on this pair. Patience is important before we get ourselves burnt. Trading both pair currencies Euro Dollar and Poundsterling Dollar are fun!

Canadian Dollar Analysis:

A brief market overview on Canadian Dollar. An excellent setup would be to wait until price goes off the yellow resistance line I've drawn there and wait for a signal for buying.