Dynamic Trader Forex Blog FXCPS.co.uk: Eur choice ?

Good Evening / Morning Dynamic Traders

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

Cross = EURUSD : Day chart below.

Hi everyone and welcome to another action packed week in the markets. We have a bank holiday in the USA today and also Chinese New Year this week so there might be as much liquidity as we normaly see.

Picking up where we last left off was with the EUR and there has been plenty of talk over the last week or so regards its strength. The troubles in Greece with the economy and who is to bail them out have added to this crosses weakness and I would say it is the EUR that is the weaker rather than the USD becoming stronger.

Some of you who have followed my blog should be in the Short EUR trade and those that read the blog and liked what they saw have had a couple of opportunities to join in the pips. Please refer to the EUR Day chart below.

Once we established crossing below the VI then it was waiting a chance to enter the trade which you will see happened on 3 occassions. I have plotted a Trading Channel ontop of the price and price has moved neatly within this channel. You will notice resistance below price both in the form of the support line of the trading channel and the RN. The cross is still trading down as I write this blogg and you will notice strength in the move from the black line on the bottom of the stochastics.

Trade with Passion

John Maher
Forex Analyst