I wrote yesterday that a "clean break above 1.0751 would build confidence that the pair will continue trending up…" If the low of 1.0752 holds then this is further indication of a rally that may continue back to the 1.08 level.
The hourly chart looks fairly clean with just a hint of the RSI breaking below its trend line in the current pullback.
Support is at 1.0751, 1.0738, 1.0712, 1.0680, 1.0585, and 1.0435. Resistance is at 1.0810 and 1.0890.
Here's the hourly 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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