Sive Morten
Special Consultant to the FPA
- Messages
- 18,840
EUR/USD Daily Update, Fri 19, August 2011
Good morning,
market has shown deeper retracement and I do not very like it. Particularly, I do not like fake out around neck line and I do not like deep retracement after just reaching of 0.618 daily target.
Now, next support area is 1.4220-1.4240. Also this is an agreement with daily AB-CD 0.618 target but to the downward.
MACDP now stands at the same area, so this will be important point, since today market could show daily trend shifting to bearish, or it could not...
But our major interest today is linked to scalp trade possibility. Take a look at hourly chart - 1.4220 area includes - 1.618 AB-CD target, Butterfly Buy target, 0.618 daily target and Fib support. Probably market will bounce from it at the first touch - this will let us move stop to b/e. There is no need for deep stop - 20-30 pips below 1.4217 (1.618 target of butterfly). If market will even show 0.382 retracement from whole move down - that will be excellent trade.
Later today we will see (or may be on Monday) what will happen with daily trend...
Good morning,
market has shown deeper retracement and I do not very like it. Particularly, I do not like fake out around neck line and I do not like deep retracement after just reaching of 0.618 daily target.
Now, next support area is 1.4220-1.4240. Also this is an agreement with daily AB-CD 0.618 target but to the downward.
MACDP now stands at the same area, so this will be important point, since today market could show daily trend shifting to bearish, or it could not...
But our major interest today is linked to scalp trade possibility. Take a look at hourly chart - 1.4220 area includes - 1.618 AB-CD target, Butterfly Buy target, 0.618 daily target and Fib support. Probably market will bounce from it at the first touch - this will let us move stop to b/e. There is no need for deep stop - 20-30 pips below 1.4217 (1.618 target of butterfly). If market will even show 0.382 retracement from whole move down - that will be excellent trade.
Later today we will see (or may be on Monday) what will happen with daily trend...