Aussie is seems to be ready to turn lower. A formation of bearish engulfing pattern has been found at the channel resistance with an expectation to fall down to 0.7185(Maximum) level. Alternatively a reversal above 0.8035 will cancel out the bearish expectation.Near term support and resistance levels are as follows.
Last week, Euro fell to the downside. Today it took support at 1.1159. A lot of data is going to be released today from US, which may strengthen the dollar.
Short Eur/Usd below or at 1.1205 with SL 1.1245 and target 1.1140 and 1.1120
Short Eur/Usd below 1.1290 with SL 1.1310 and target 1.1200/1.1171/40/20
See you Later, BOL
This article is for everyone, but especially the newbies.
Before i get start, I have some questions to ask.
Q1. Is there any person in this world, who want to lose?????
Q2. Is this a natural market?????
To me, the answer of first question is absolutely NO. Nobody in the world want to lose. Everyone wants to win,
US Dollar declined sharply last night and got out of the range made since 3 days on 1Hr chart. Two very important levels are in focus now 11776 and 11756.The range break on either side can decide near term direction. An expected bearish channel (Not confirm) can be in play.Check out my previous US Dollar index technical outlook (…Continue