Eurusd continues to show strength. After its rejection of 100 day ma couple of weeks back the pair is in a heavy rally mode having surpassed the 50% and .618% retracement levels of the 1.4940-1.3960 drop.

We are above 55 day ma, so based on that we are again in a bull mode. Once above 1.4650 the next level targeted is the .786 level which comes around 1.4730 which also coincides with a previous zone of strong support now resistance back in the beginning of may. Above that and bulls are looking to get to 1.4940.

Like i mentioned in previous weekly posts, charts are here to be interpreted in a much more accurate way then the news that come out regarding Greece and their debt. The news are confusing, they are most times contradictory.

Buying dips back towards 10 day ma, or back towards 55 day would be my strategy . Follow price action and look for clues that warn you about possible retracements in this pair that you can take advantage of.

Good luck this week.

Views: 160

Comment by Johan Andersson on September 14, 2011 at 11:11pm
Huh, how can you focus on trading with so many lines and indicators in your chart?
Comment by cristotrading on September 14, 2011 at 11:17pm
if u consider a few ma's and trendlines many indicators that means you havent seen many charts in your trade life.
Comment by Johan Andersson on September 14, 2011 at 11:56pm

cristo there are 6 ema, 2 lines and fibonacci....Good luck

 

Comment by cristotrading on September 15, 2011 at 12:30pm
i use different screens for same pair. on daily charts i have ma's and i plot fibs when needed. i have 4H charts that are naked as well as 4H chart with few ma's. i use no other indicators besides ma's, fibs and pure candle price action.

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