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[Previous entry: "Stop placement in a fast moving market."] [Main Index] [Next entry: "FibMaster update - FOREX USD/JPY"]
01/12/2008 Archived Entry: "USD/Euro chart analysis."
Attached is the daily Euro chart, with a key resistance and support level. Click for EURO chart There is a good chance that the Euro turns down soon. If it puts in a swing high below 1.50 then a double-top is the most likely scenario, with a move back down to 1.44 quite achievable. The Euro needs to break through the support/resistance channel for the market to establish a new direction. This is useful knowledge - if you let the market point the way, you know how to trade it. If there is a significant retracement, and the 1.44 support level breaks, this chart turns very bearish and could provide great shorting. Above the 1.50 resistance area, we can trade more aggressively to the upside as the bulls are in control. Also, for DiNapoli fans, check your weekly Euro chart for a Double-RePo look-alike pattern (potential). Comments/suggestions/questions are welcome. Post your own charts, or your own trade suggestions too. We all benefit from the discussion. Discuss this chart on the TraderZine forum click here.
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