Monday, March 15, 2010

EURUSD—at support

As I wrote last week, the 1.3651 to 1.3697 area is good support for Euro because of fib confluence. It touched a low of 1.3649 just now. Depending on price action, and more importantly momentum, either a short or a long could be in the cards. My remaining long from 1.3587 profit-stopped out at +80 pips so I'm flat.

Next support is at 1.3635 (the top of the triangle it broke up from). After that, support is at 1.3561, 1.3531, and 1.3435. If it turns up again, look for resistance at 1.3721/26, 1.3796, 1.3839, and 1.4026.

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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