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ForexPros Daily Analysis June 20, 2011
Free webinar on ForexPros - Mindful Trading: Conquering the Eight Roadblocks to Trading Success
Expert: Rande Howell
Start: Tue, Jun 21, 2011, 10:00 EDT
End: Tue, Jun 21, 2011, 11:00 EDT
Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. *After years of chasing the Holy Grail of Trading, they discover that it lives within them. *And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading. Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading.
Click here to join free
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What Is Next For EUR/USD?
The common currency is on the hot seat again. After being quiet for some time, the Greek sovereign debt problem resurfaced as a dominant market mover and the Euro’s price behavior reflects it. Its daily chart indicates lack of commitment by market participants.
The EUR/USD had a nice rally in the early part of the year, reaching a high of 1.4939. That was followed by a pull back to 1.3968, very typical after a strong advance. Since then, however, the price has been indecisive – it has made neither a new low, nor a high, and is moving in smaller in swings.
Drawing trend lines here creates a symmetrical triangle, with the EUR/USD quickly approaching its apex. On Thursday the lower trend line was tested, the price dipped under it, but closed higher for the day, confirming the indecisive phase of this market. Hopefully, that should not last much longer.
Given where the price is located within the triangle, we can expect a move relatively soon. Technical indicators are not helpful now, with the MACD and the RSI at neutral levels. It is best to wait for the EUR/USD to break through either of the trend lines before placing trades based on this chart.
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Forex Trading analysis written by Mike Kulej for Forexpros.
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Visit Forexpros new Forex Brokers Directory !
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Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Free webinar on ForexPros - Mindful Trading: Conquering the Eight Roadblocks to Trading Success
Expert: Rande Howell
Start: Tue, Jun 21, 2011, 10:00 EDT
End: Tue, Jun 21, 2011, 11:00 EDT
Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. *After years of chasing the Holy Grail of Trading, they discover that it lives within them. *And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading. Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading.
Click here to join free
---
What Is Next For EUR/USD?
The common currency is on the hot seat again. After being quiet for some time, the Greek sovereign debt problem resurfaced as a dominant market mover and the Euro’s price behavior reflects it. Its daily chart indicates lack of commitment by market participants.
The EUR/USD had a nice rally in the early part of the year, reaching a high of 1.4939. That was followed by a pull back to 1.3968, very typical after a strong advance. Since then, however, the price has been indecisive – it has made neither a new low, nor a high, and is moving in smaller in swings.
Drawing trend lines here creates a symmetrical triangle, with the EUR/USD quickly approaching its apex. On Thursday the lower trend line was tested, the price dipped under it, but closed higher for the day, confirming the indecisive phase of this market. Hopefully, that should not last much longer.
Given where the price is located within the triangle, we can expect a move relatively soon. Technical indicators are not helpful now, with the MACD and the RSI at neutral levels. It is best to wait for the EUR/USD to break through either of the trend lines before placing trades based on this chart.
---
Forex Trading analysis written by Mike Kulej for Forexpros.
---
Visit Forexpros new Forex Brokers Directory !
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
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