Daily Chart – Forex
11 July 2011 – 1:30 am GMT
The major trend is downtrend, there is not question about that. What is new here is that we have a positive divergence over the RSI indicator which indicates a coming correction heading North. If the pair was able to penetrate trend-line “A” and the resistance @ level 0.8545 then it may target trend-line “B” which meets another resistance @ level 0.8947 and Fibonacci level 38.2%. Risk long traders may take small position here with stop loss under level 8274. Conservative long traders may wait the penetration of the resistance 0.8545 . Short traders may hold with partial profit taking and/or stop loss above 0.8545 depends on their intial entry positions. Good luck.
u triggered ur long yet??