EUR looking familiar !

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

After last nights post, we saw the assent start from the doji at 0800hrs yesterday to a daily high giving 200 pips, before price retreated ALL the way back from where it wandered from, the comfort of the trend.

Notice the size of the candles at 2300hrs, 0000hrs and 0100hrs in comparison the others.

Please note the support line drawn from 27/10/ 08 has been touched on 5 occasions so far, and is likely to offer support to the price after its daily excursion.

Our indicators are showing:-

MACD is below the zero line fighting with the signal line.

Stochastics are below 50 pointing up.

RSI is below 50 pointing down.

I would be waiting a BOB of the support to go short using ESLT to enter the trade.

Price has returned to the safety of the trend channel, with the RN giving resistance above and the other trend line giving support below.

As the lines close in on the EUR, it will have to burst out in one direction before Friday, keep this cross on your watchlist.















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst