The pair has dropped to a low of 1.5146 so far this morning. That was the last closed candle's low and the current candle's low. If it stays above this, it's significant because 1.5154 is about 50% of the 1.4785 to 1.5523 gain. 1.5130 is also a prior identified support. There is some positive divergence on the 3-hour chart. The pair has bounced so let's see what unfolds.
Resistance is at 1.5200, 1.5288/95, 1.5335, 1.5427, 1.5460, 1.5499, 1.5509/26 (strong), and 1.5708. Support is at 1.5146, 1.4971, 1.4798 and 1.4692.
Here's the 3-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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