Euro reached a high of 1.3371, fell back, and recently made another high of 1.3366 from which it has staggered off again. I would say traders are indecisive, at best. If it can clear 1.3410, perhaps a more serious rally can take place but so far, no cigar. It's tempting to add to shorts here.
Support is at 1.3284, 1.3209, 1.3200, 1.3127, 1.3092, 1.3000, and 1.2885. Resistance is at 1.3360, 1.3402/09, 1.3425, 1.3535, 1.3561, 1.3670, 1.3724, 1.3755 and 1.3818. See the earlier post today for the 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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