The pair just grazed a short-term uptrend line from June 2 with its low of .8417 this mornng and is hovering near a daily speed line. There's some uncertainly about this pair as one can see from the shadows on the candles on the hourly chart. However, what could have been a good sell signal yesterday hasn't really panned out and my impression is that the pair is in an overall corrective pattern.
Support is at .8405, .8330, .8276, .8163, .8134, .8071/67, .8000, .7932 and .7830. Resistance is at .8523, .8570/83, .8640 and .8793.
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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