Tuesday, February 9, 2010

EUR-USD Technical Analysis - 09 February 2010

High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets (Wiley Trading)
The long down-trend movement is still very much intact for the Euro dollar due to the fact there is no sign of significant correction yet to take place. Fluctuating within support resistant level 1.3733 (Resistant) and 1.3640 (Support) the pair is poised to make more downward movement which we do not obviously know when it is going to happen.

Major Correction:

Even the upward movement today is not be enough to prove that if there is any significant major re-tracement will take place because the weekly MACD movement is simply still on the downward direction.

However if tomorrow is also going up then we might reconsider our position that major retracement maybe coming on the way.

Continuation Down-Trend

Continuation is most likely to happen as indicators generally showing it so. Therefore the significant point of support where it should fall is as follow

1.3429
1.3589

Starting from tomorrow we will see if this movement will take place.

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