The analyst on this chart (EURGBP):
Technical Analysis for Crosses - Forex Trading, Currency Forecast, FX Trading Signal, Forex Training Course, Education, Tutorial, FX Book, Forex ebook, Learn to Trade Forex, FX Guide, Pivot Points, Currency Rates, Forex Secret, Forex Brokers, Currenc has drawn an up trendline based on the resistance level and used that as the support line. On my chart my support line uses the bottom of the 2 lows on this chart so it is flatter than indicated. The analyst’s chart suggests a breakout whereas I have mine still within range. Any thoughts? Do channels need to be exactly parallel?
I would be inclined to ignore tech on this pair right at this moment in time !
The European Central Bank cannot be far away from breaking their
conservative stance on QE because the Euro is chronically overbought
and is tending to cripple the international commerce of the three major
member states (just look at the last German figures).
The ECB desperately want to see a weaker Euro, and it amazes me that
the highs of last Autumn have been clung to for this long. (That abberation
was indicative of the disastrous UK banking foul-up, [B]NOT a strong intrinsic
Eurozone strength[/B]).
Going short a few lots right now is my best guess on this one. Stop around
0.9400 and expect to hit the high 0.8000’s in a few weeks … ?
Chris
This pair a good one to follow?
What about EURUSD or GBPUSD?
Don’t get me wrong, SanMiguel, I’m no trading guru, here ! ! !
I favour EUR/GBP because I kind of “know” its personality and it
moves at times which are convenient for me to trade (I’m GMT),
but there is also much uncertainty in USD pairs right now and there
is a degree to which EUR/GBP is shielded from the worst excesses of
Mr Geithner’s transatlantic shenanigins which I find strangely
comforting !
Chris