Sunday, February 19, 2012

Weekly Forecast (FX)

EUR/USD
What we have observed in a smaller time frame (1 hour), could it happen in the bigger time frame?
Check orange vs green lines on chart.




Early of the week: Consolidate bias up to test 1.3200-250.

Mid-week, if market continues to trade below resistance 1.3250, it would have formed the right shoulder for Head & Shoulder pattern, and we just need to wait for the catalyst drive south towards first target 1.2900.

Monday, aggressive Long around 1.3100, SL 1.3060, TG 1.3220 (Day Range / EOD).
Mid-week hunt for short at 1.3250 resistance.

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