Archive for June, 2009
Corrective Move, Just In Line With My Analysis !!
By Marek W. Stupka | June 9, 2009
In my last blog post I wrote that: “The referential currency pair has just hit its long-term Resistance and will need more momentum to really break above it in a substantial way.” and that “The technical setup suggests a shaky movement on the north side of the indicator equilibrium in the days and weeks to come”. OK, guess what happened in the meantime..?
Elsewhere in the last post I also mentioned that: “Greenback felt to levels above the EURUSD psychological Resistance 1.4000. Note, however, that many trade position stops are placed at this rather significant price level of the referential EURUSD currency pair. Therefore, do not expect the market to substantially cross above this line easily. Candles and bars might get a little shaky…
Note that my conservative approach to further trading the pair bullish proved to be just right. In the 1D EURUSD chart above [click on the picture to get a bigger chart] we see that the most traded financial instrument in the world truly posted a corrective move.
Do you see the thick green lines in the chart above? Right now, these are the Support and Resistance lines in-between which the pair is likely to trade in the following days.
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Topics: FOREX Trading Analysis | 4 Comments »