While the pair is going to run into some resistance at .8350/66, the more serious resistance is .8495. However that still leaves a lot of climbing room for it. On the daily chart (not shown) there is the potential for a double bottom. The pair needs to climb above .8551 for that to be confirmed. Should it be comfirmed, price could get above .9000 but it's premature to be thinking about that. The inverted head and shoulders pattern (confirmed at .8218) has a price target of at least .8354 and the pair is close to that now.
Resistance is at .8266/76, .8354/64, .8495, . Support is at .8195, .8133, .8082 and .8067.
Here’s the three-hour chart:
© 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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