Tuesday, January 30, 2007
Forex day Trading System - EUR/USD is looking bullish
Forex day Trading System - EUR/USD is looking bullish
I was looking at the 1 hr chart today and it sooms that the EUR/USD is looking bullish.. Here are the reasons -
1. On the larger trend (Daily chart), the currency pair seems to have made a double bottom.
2. The support seems to be at 1.2900 levels which is a major supportg as well as 50% fibonacci level.
3. So, the currency seems to be going up on the daily chart
4. On the 1 hr chart, the currency pair seems to have crossed the 200 EMA resistance as well as now is using that as the support.
5. The confirmation comes due to the fact that the RSI as above 50 and candlestick is also bullish
So, its a bullish opportunity and I have placed a trade at 1.2965 level and my stop is at 1.2924 which is 25 pips below the 200 EMA.. The target is 1.3050 which is the next major resistance level. So, I have used system of support and resistance while placing this trade.
Thats all in today's session..Visit again to learn more on currency trading.
I was looking at the 1 hr chart today and it sooms that the EUR/USD is looking bullish.. Here are the reasons -
1. On the larger trend (Daily chart), the currency pair seems to have made a double bottom.
2. The support seems to be at 1.2900 levels which is a major supportg as well as 50% fibonacci level.
3. So, the currency seems to be going up on the daily chart
4. On the 1 hr chart, the currency pair seems to have crossed the 200 EMA resistance as well as now is using that as the support.
5. The confirmation comes due to the fact that the RSI as above 50 and candlestick is also bullish
So, its a bullish opportunity and I have placed a trade at 1.2965 level and my stop is at 1.2924 which is 25 pips below the 200 EMA.. The target is 1.3050 which is the next major resistance level. So, I have used system of support and resistance while placing this trade.
Thats all in today's session..Visit again to learn more on currency trading.
