Euro Forex Pro Weekly, September 20-24, 2010

[Mandrake]

Hey guys,

Yesterday was really erratic, hope everybody did OK. Market managed to retrace downwards wasn't much but however it is 155pips from the top of 1.3440 still quite a decent retracement; able to get out of daily overbought. I have a feeling it will continue rise upwards. But I wish for it continue downwards.

Signals are very blur today. I was surprised daily closes as dark cloud over as I went to sleep during the 3rd green candle last night after it went through 1.3350, I thought it would hover around and close above 1.3330 which would make things easier today.

Fib retracement 0.5 and 0.618 coincides with previous high. I have no confident of any directional movement for today so most likely staying out. however I think we can look for 4hr abc and d at around 1.3240. Maybe can scalp trade if this is hit.

I wish to hear from our guru "Sive" later on in the day.

 

[Sive Morten]

EUR/USD Daily Update, Fri 24, September 2010

Hi Guys,

Mandrake, interesting post, thanks,

Personally, I do not really interesting in intraday EUR for now. At the same time - we have a target - weekly 61.8 expansion just above the market and,
that is more important - look at daily chart, we have nice thrust, market has reached an overbought.
Personally, I will be waiting for some retracement and I like 1.3130-1.3150 area - this is monthly pivot resistance 1 (previously) and 4-hour confluence support.
On daily chart this will be look like B&B that we may hold until weekly target...

 

[Sentinel]

Also weekly confluence at 1.3460-1.3540...