Tuesday, January 5, 2010

EUR-USD & GBP-USD Technical Analysis 05 December 2009

The market is currently very unstable where both sellers and buyers are fighting for dominance. All indicators are rule out for this type of trading because they are simply out of the way.

The only best indicator now we can look at is the price action. However even this can be deceiving sometimes making a false indication to prevent consistent movement to happen.

At this point we still can rely on major support and resistant level. 4 Hourly and Daily time frame major support and resistant are the best to look at. As you can notice now the movement of EUR-USD and GBP-USD now all defy technical indicators movement such as MACD, Stochastic, Bollinger Bands, etc.

Stay out of the market at the moment. Thx

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