Monday, September 26, 2011

Weekly Forecast (FX)

EUR/USD

Daily chart:
two tiny little candle signals two soldiers.
Weekend's meeting and ECB action shall lift EUR/USD for another 2-3 days, expect today to be a bullish candle.

Weekly charts suggest EUR/USD prone to move down, downward potential 1.3300 and strong support 1.3100.

Intraday:
Long with initial shadow 1.3450 SL 1.3400 TG1: 1.3650.

I also hunt for short opportunity for the melt, observe for reversal candlestick pattern at 1.3700 region.

GBP/USD

Check 4 hour chart you will see GBP/USD moving down slow and steady over last 4 weeks when it breaks below EMA50.

Knowing my trading style, I am not able to enter short if the market never pull up / retrace. :(

Based on last Friday's candlestick pattern, I reckon market to form a white candle today, while keeping below 1.5600.

Next resistance 1.5600.

Today's intraday trading:
Long GBP/USD 1.5430 SL 1.5390 TG 1.5600 or close by EOD.

Hunt for short upon retracement, favour reversal candlestick pattern to confirm.

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