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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 |
June 12th, 2009 at 6:34 pm
the pair really is moving in that range, congts
where do you see the dollar moving next? on the daily chart I mean
June 12th, 2009 at 6:39 pm
Thanks, 4x megaloman.
Well, at this point I would wait for at least a couple more days till the pair renders a more distinct technical picture.
Right now, the chances for EURUSD to move either north or south are almost equal.
It is definitely not the time to day-trade this pair. You still can use intraday strategies like THE CANAAL or THE CONFIRMATOR, in line with their rules, of course.
Happy trading,
Marek
June 29th, 2009 at 5:53 pm
hello
its fascinating to see that your market signals really work
I mean its the end of June and I have been checking the charts during the past weeks and the market moves exactly as you said on June 9
what is your next signal?
thanks, Monica
June 29th, 2009 at 5:57 pm
Hallo there, Monica!
Thanks for your compliments on my analytical skills..
One thing, however, I have to stress here - this blog is the place to publish mixture of information that might be of interest to active traders, preferably to my 1-on-1 Students.
Please note that nothing posted on this website is intended to form a trading recommendation or signal.
NB I do not see the EURUSD market developing a clear long-term technical picture yet. Once I identify one, I will very likely mention it in my next post.
Have a great day,
Marek