EUR in or out !

Good Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = EUR : Day Chart (Posted Below)

Long Term Trend = UP : Short Term Trend = UP

Good evening/morning traders and I hope you had a great weekend away from the markets. I have had a browse through my basket today and wanted to find something to follow that should give us some interesting things to discus this forthcoming week. I came across the EUR which once again is at a key area. We followed the EUR a couple of weeks ago and again it is back to a Key support, resistance and RN of 1.3000.

Tonight I have posted the Daily chart for you to ponder.

We have the retail index above the current price, followed by the key RN as we look down the page.

I have drawn the support and resistance of the current trend of which price has yet to challenge and interestingly I have drawn a support from a previous low, which also has provided support to recent price movement.

We currently as I write, have price for the 1st time challenging to cross the trend resistance, however we are in very close proximity of the RN. This should test the strength of the move and see if it will give us a BOB.

If we do have a BOB, then our ESLT will protect us from a false reading.

Of late we have looked in detail to 3 of our indicators, MACD, Stochastic s and RSI, what do they say?, what do you see ?

MACD is below the zero line and has just crossed the signal line pointing up, we may have convergence showing from the doji on 14/01/09 to the current price supporting a move up.

Stochastic s have recently passed up through the 20 line and point up.

RSI is pointing up, put as yet has not crossed the 50 line.

At this point I would like to give a welcome to the new students about to start the next webinars in the next 10days or so. This will be the best investment you will have made to date, with many of last years students being a success in the markets and some now doing it full-time. Welcome aboard, when you have finished your course the blogs will make much more sense allowing you to prosper in the markets.
















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst