EURUSD
[Issued at 2010-10-15 07:02 GMT+1]
Pair is short term bullish as long as above 3700. Intraday: bullish as long as it remains above 3800. We have an important support area around 3970-50 (congestion zone as well as 100 EMA & SMA). Loss of this should bring more weakening towards 3920-10 & 3900 (61.8% fib and psycho level), followed by 3860-50 (fib & support) and 3800. On the upside, targets above 4200 are 4260, 4290 and finally 4400. Pair rebounded before the 38.2% fib retracement level, suggesting bulls are still strong. Currently we are trading in a triangle pattern with a possible break to the upside @ 4050 but we also have bearish trendline coming in around 4060.
[Issued at 2010-10-15 07:02 GMT+1]
Pair is short term bullish as long as above 3700. Intraday: bullish as long as it remains above 3800. We have an important support area around 3970-50 (congestion zone as well as 100 EMA & SMA). Loss of this should bring more weakening towards 3920-10 & 3900 (61.8% fib and psycho level), followed by 3860-50 (fib & support) and 3800. On the upside, targets above 4200 are 4260, 4290 and finally 4400. Pair rebounded before the 38.2% fib retracement level, suggesting bulls are still strong. Currently we are trading in a triangle pattern with a possible break to the upside @ 4050 but we also have bearish trendline coming in around 4060.
UPDATE: long signal closed with 40 pips profit. Signals available for members. Visit our website @ http://www.pivot-forex.com/ for more info.
UPDATE 2: long signal closed with 75 pips profit, TP3 met.
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