Good morning traders,

Yesterday's price action on EURUSD went in a tight range of ascending channel. In general, I expect from Friday several attempts to post new local hights (1.309-1.312) with possible strong decline after its rejection.

Today I started with opening buy position from 65 (during the test of marked red line on the chart below) and closed this trade recently at 92, as resistance line (on the 2nd chart) was touched.

The price has moved just 1 pip higher from yesterday max of 96. Modest sell positions from this area back to 88-84 are possible. If we see a clear break above 1.3100 round number, EURUSD is likely to climb up to 1.3130.

I'll try to keep this thread updated during the day.

Have a safe trading!

Rao.

Views: 482

Comment by Rao Khassan on April 19, 2013 at 9:38am

Entered buy position from 83, 6pip sl.

Comment by Rao Khassan on April 19, 2013 at 10:14am

Hi Peter,

Thanks as always for your comment. I saw we had the same trade from 65 this morning ;)

I didn't like recent PA on EU as well, there was no clear break above previous high, and I also quit below 88.

Comment by Rao Khassan on April 19, 2013 at 10:22am

You were right Peter, thank you for the clue!

In the meantime there's a plain sell signal on tick chart:

Comment by Rao Khassan on April 19, 2013 at 10:54am

At the moment sell is actual below 90.

Comment by Rao Khassan on April 19, 2013 at 1:32pm

Unfortunately missed that interesting point in the market. :(

EURUSD has touched upper line of its 2-day channel at 1.3118 and agressively retraced back to 5min, 15min MAs.

I won't open sell until we break supports around 70 area.

Comment by Rao Khassan on April 19, 2013 at 1:38pm

Wow, whily I was typing previous post, EURUSD did an impressive spike back to recent high 1.3120. The pair didn't break above channel line, though, and quickly retraced back to 1.3100. 

Comment by Rao Khassan on April 19, 2013 at 1:41pm

While we are in the range I suggest trying sell positions with stop around 25. If we see a break above 1.3120, then my target is 1.3137-1.3142.

Comment by Rao Khassan on April 19, 2013 at 1:55pm

On 5 min chart I got a spike up to 28 with fade out back into range. Opened sell position from 16. 

Daily pivot point 1.3130 may cap further uptrend...

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