Tuesday, October 4, 2011

EUR/USD on 4-Oct-2011 Tue

We observed a triple pincer on daily chart and signifies EUR/USD is strongly resisted at this level (1.3660).


Yesterday is a free fall market, EUR/USD lost 160 pips and formed a bearish candle.

This morning the market is rather quiet, as usual, while we are closer and closer to Euro open, I reckon market to make a pull back, resisted, and continue trading down.
Weekly target is 1.2930.


Would the pull back make EUR/USD return to 1.3335?? I don't know, aggressive trader can enter and short at 1.3230, SL 50 pips, TG 150 pips.

1 comment:

  1. Probably the EU will turn and go up, since there has an engulf pattern on the bottom. Good place to who take trades countertrend.
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