I'm still long from 1.3431 with a stop now 10 pips above breakeven. The Euro reached a high of 1.3525 this morning before falling back. I took more partial profits at +70 pips.
Stumbling at this resistance level is not good news for the Euro. To maintain any hope of upward movement the pair needs to stay above 1.34 and ideally, 1.3450. Additional support is at 1.3366, 1.3283, and 1.3267. Resistance is at 1.3525, 1.3585/91, and of course, the infamous 1.3692.
Here's a chart I created that shows the main ups and downs for the Euro since November. You can see it's basically in a flat period and has been so since early March. Shorting the top of this range at 1.3692/1.3712 or buying at the bottom near 1.3267/83 may be the way to go right now until a definitive break takes place.
© 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.