Tuesday, December 14, 2010

A possible Euro trade in the making.


Looking at the 4 hour chart we can see that Euro is holding up a resistance below the 38.2% fibonacci. Also looks like we have a double top being made.



To reconfirm, the daily chart also is showing the 100 SMA (pink line) to be holding up as a strong resistance. This looks like a good area to sell the Euro. 

However, Euro is stuck in a range at the moment on the 15minutes and 1 hour chart. So i'll only enter into a short trade if i get a confirmation of a moving average crossover, just in case Euro ends up breaking towards the upside.


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