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Which Way Will it Go?
Casey Stubbs
Eur/ Usd
To answer my own question, I don't know. What do you think, I can see the future. No, only God can do that. However, I will give a good idea on how to trade it.
There was some recent news that supported Dollar Strength but we will see.
Right now there is a key support that has been tested several times in the last couple of days at 1.3976 and if we break that we could see a down move to 1.3900 where there is a previous support and if that continues we could see 1.3800.
On the other hand if the pair bounces of the 1.3976 we have resistance levels of 1.4128 and 1.4338
The key level to see which way the pair is going is to watch the support of 1.3976
So the way I am going to trade this is I will be watching the support and depending on how the pair reacts to the support level I will be making my entry long or short. My target will be 1.3900 if I go short and 1.4120 if I go long.
Remember to use sound money management when entering trades.
View the Chart Here
Eur/ Usd
To answer my own question, I don't know. What do you think, I can see the future. No, only God can do that. However, I will give a good idea on how to trade it.
There was some recent news that supported Dollar Strength but we will see.
Right now there is a key support that has been tested several times in the last couple of days at 1.3976 and if we break that we could see a down move to 1.3900 where there is a previous support and if that continues we could see 1.3800.
On the other hand if the pair bounces of the 1.3976 we have resistance levels of 1.4128 and 1.4338
The key level to see which way the pair is going is to watch the support of 1.3976
So the way I am going to trade this is I will be watching the support and depending on how the pair reacts to the support level I will be making my entry long or short. My target will be 1.3900 if I go short and 1.4120 if I go long.
Remember to use sound money management when entering trades.
View the Chart Here
Comment
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Comment by princess Todd on June 23, 2009 at 12:35pm -
The Euro was down most of the day on light volume, but rebounded somewhat later on after a data release showed the German Ifo business climate index rose to 85.9 in June from 84.3 in May, a figure that beat the consensus of 85.2.
The current conditions index of Forex Online, however, fell to 82.4 from 82.5, versus a forecast of 83.1. Analysts cited concerns about Germany's widening budget shortfall as the reason for the sell off in the Euro.
Germany had announced that it will raise its net new borrowing target in 2010 to a record level above 100 billion Euros, as the country tries to fight the deepening credit and overall economic crisis.
At 10:40PM GMT, the Euro was trading down .81% to the Japanese Yen to 133.09, up .3% to the British Pound to .8475, up .97% to the Canadian Dollar to 1.5979, up 1.5% to the Aussie to 1.7557, down .2% to the Swiss Franc to 1.5062.
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Disclaimer
Past results are not necessarily indicative of future results. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particularly trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results.
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