Euro is approaching resistance near 1.3750, composed of price (Feb. 9th high of 1.3744), confluence, a downward trend line, and a speed line. It's possible it will fail here. If so, look for support at 1.3650, 1.3526 and 1.3429. Above 1.3750 opens the possibility of 1.3862. Only above here can a strong bullish case be made. Watch momentum on the shorter time frame charts.
© Dianne Fecteau, 2011. 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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