Sive Morten
Special Consultant to the FPA
- Messages
- 18,564
EUR/USD Daily Update, Wed 11, May 2011
Hello everybody,
Looks like pullback, that we've discussed yesterday has started. Also, as you can see on daily chart yesterday's trading session was an inside day.
Today plan is simple:
Watch for 1.4480-1.4520 area. This is strong resistance - Fib resistance and weekly pivot point.
If you've entered long yesterday - this is an area where you probably should think about taking profit from scalp trade.
If you're bearish - watch for clear sell signals there to ride the daily downside momentum.
On 4 hour chart we see, that this is also an area where some targets stand.
First - this is 1.27 extension of Butterfly "Sell" that has been appointed by Georgeta (thanks, nice work).
Second, this is 1.618 target of DRPO "Buy" that is still working.
And the last thing. IF market will break pivot and hold above it - then, possibly weekly B&B has really started. In this case target is 1.4670-1.47 area.
If market will fail around the pivot and accelerates to the downside - next target is weekly Confluence support 1.40-1.4140.
Hello everybody,
Looks like pullback, that we've discussed yesterday has started. Also, as you can see on daily chart yesterday's trading session was an inside day.
Today plan is simple:
Watch for 1.4480-1.4520 area. This is strong resistance - Fib resistance and weekly pivot point.
If you've entered long yesterday - this is an area where you probably should think about taking profit from scalp trade.
If you're bearish - watch for clear sell signals there to ride the daily downside momentum.
On 4 hour chart we see, that this is also an area where some targets stand.
First - this is 1.27 extension of Butterfly "Sell" that has been appointed by Georgeta (thanks, nice work).
Second, this is 1.618 target of DRPO "Buy" that is still working.
And the last thing. IF market will break pivot and hold above it - then, possibly weekly B&B has really started. In this case target is 1.4670-1.47 area.
If market will fail around the pivot and accelerates to the downside - next target is weekly Confluence support 1.40-1.4140.