Wednesday, October 11, 2006
Learn Online Forex Trading - Tomorrow's Forex Day trading on EUR/USD
Learn Online Forex Trading - Forex Day Trading tomorrow on EUR/USD
Hello Everyone..Most of the forex traders are day traders which means that they place trade for only for few hours. Generally they trade either during UK/London market ( 2 AM to 10 AM EST) hrs or during USA market hours (8 AM to 5 PM EST).
For all the day traders - All of you who are watching the 1 hr EUR/USD chart, you can see that EUR/USD had quite a rally from 1.2766 to 1.2504 in a span of a week. But now if you see here are few notable points -
1. The currency pair is showing an MACD divergence. This means that their is a probablity that this rally has tired.
2. On the daily Chart, the currency pair is seeing a support at 200 EMA.
3. On the daily chart, the currency pair is seeing a strong support at 1.2500. A level that the currency pair has not been able to penetrate since June this year.
So, what I am trying to say is that the currency pair is at a very strong support and may start seeing a reversal. So, before going short on online forex trading, get a very strong conformation signal. However as I have mentioned in the past, once the support is broken, the currency pair falls rapidly.
Thats all in today's session on online forex trading. Keep visiting again and again to learn more on online forex trading.
