The price so far has reached 1.0439, higher than the prior 1.0385. With this the pair has exceeded the 200 daily Simple Moving Average (SMA) of 1.0395. Around that level was also Fib confluence and polarity so it's a nice achievement. Still ahead, though, is the 1.05 to 1.0677 area of resistance. The angle of the line upwards is also very steep and it's difficult to see how the pair can maintain it.
Support is at 1.0298, 1.0274, 1.0205, 1.0146, and 1.0108.
Be cautious getting into trades. Markets are less liquid and there are lots of conflicting signals.
Here's the three-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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