The recent 2011, 1.4269 high was the second time Euro has tried to break above the November high of 1.4182. The first was 1.4248 on March 22. This sets up a potential double top, potential because it requires a push below 1.4021 for confirmation. If it is confirmed the target is 1.3773.
Support is at 1.4139/15, 1.4110 (strong with confluence and an uptrend line), 1.4062, 1.4021 and the psychological 1.4000.
As I blogged yesterday, there are possibilities for a push to 1.4326/66 but, so far, this is out of reach.
Here's the three-hour chart:
© 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.