Even with the push up to 1.2910, the picture is still bearish for the Euro. It's still shy of last Monday's 1.2919 high. The 1.3335 high was seen by many to be the end of the correction from the 1.5144 to 1.1892 move. As I wrote yesterday, above 1.30 it runs smack into a downtrend line from January of this year. So sellers are hovering about, some selling now and some waiting a bit longer. This makes the lack of real movement since yesterday morning more than understandable. About all we can do right now is wait and see.
Resistance is at 1.2919, 1.3000 and 1.3084 (the January downtrend line). If it does get above 1.3084 then 1.3228/54 are possible. Support is at 1.2794, 1.2676, 1.2644 and 1.2588.
No chart until there's something new to show, i.e. a definitive break above 1.30 or a collapse downwards.
© 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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