EURUSD Review:
Yesterday Euros against greenback fluctuated over 200 pips. And the pair in the afternoon of Europe broke the volatility. And the support of downside of 1-hour was broken. Price moved down strongly. And the pair broke down 1.4000 and 1.3900. In the afternoon of New York the pair moved down the all-day low-1.3871, and edged up. Now the trading price is around 1.3900.
Technical analysis:
Yesterday the 4-hour chart tells us the pair was obviously resisted at MA20. Long positions had no force to pull the price up at all to above MA20. And the pair hesitated around MA20. Eventually the pair suffered the strong attack by short, and declined over 200 pips. And the daily line tells, yesterday the pair appeared a real body of long shadow line nearly having no upper shade. And this paved way to decline for the aftermarket. MACD had the continuation of moving down. RSI was running soft. Now the price is edging up, but does not signal the stability and rally. Today forex traders should keep the idea of short. Attention to strong resistance: 1.3920 and 1.3950.
I just went short on the Euro Dollar on the news that Moody’s lowered Italy’s debt rating by 3 notches. Got in at 1.33486 and I’m aiming for 120ish pips.
70 pips and still looking good. Actually I’m giving serious consideration to shorting EUR/GBP and EUR/CHF, too.
[I]Concentrate your energies, your thoughts and your capital. The wise man puts all his eggs in one basket and watches the basket.[/I] [U]Andrew Carnegie[/U]
I closed it out at just a smidge under 70 pips banked. Indicators turned against me on EURCHF and EURGBP so I never pulled the trigger on either. I was real close on EURGBP, though.
For the month/yearly long traders USD will gradually rise, oil is down and japan has lower their gas prices after a year long rise, silver is down and gold is up… Keep a close eye on Chinas Free Trade Policies that will affect the USD upward trend
