The pullback is welcome (definitely a bullish statement on my part since only someone bullish on the pair could characterize a pullback as welcome). However, as I wrote the other day, the rate of ascent is still too steep for my taste. There’s some dreary bearish divergence between price and RSI so more reaction may be coming.
Support is at 1.0557, 1.0525/34, and 1.0475. Resistance is at 1.0692, 1.0700, 1.0747/50, 1.0779, and 1.0853.
Here’s the three-hour chart:
© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.
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