After Euro's high of 1.4036 yesterday morning, the pair is stumbling, falling to a low, so far, of 1.3913. That was expected—the pair was at the top of the resistance zone made up of trend lines, speed lines and price targets.
The bulls were strong enough to prevent an evening star formation on the three-hour chart that I wrote about yesterday. However the next candle after the third one was deeply bearish.
Support is at 1.3900, 1.3880/60, 1.3803 (.382 of the move from 1.3429 to 1.4036) and 1.3732.
Resistance is 1.4036, 1.4282/95 (Nov. 2010 swing high and weekly downtrend line from July 2008) and 1.4317/47.
© 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.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment