There's little to say about Euro today. It hasn't yet been able to penetrate Friday's 1.3159 high. This doesn't mean it won't. The weekly bar from last week was a strong move upwards and some retracement is to be expected. Nearby resistance is the 50% of the move down from the 1.4581 high at 1.3229; the recent 1.3335 high; and the end of a C wave as well as various price targets between 1.3469 and 1.3520. A definitive close above 1.32 is necessary to make these prices possible.
Support is at 1.3020 and 1.2850 and 1.2720.
No chart today as there's not that much new.
© 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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