Sunday, March 28, 2010

EUR USD TRADE

Last week I caught a big move and rode it for a nice profit. It was the breakdown of EURUSD below 1.3450 area (support area on the daily chart and also going back to May 2009). Now its getting back to that area (revisiting, support becomes resistance) and I'm considering shorting again. The only thing that looks odd is the speed at which it has re-visited the area. It doesn't look so odd on smaller time frames. With proper risk management and appropriate stop placement this is worth a go since the reward (profit area) is quite far away when looking at the daily chart, 1.2900 area. Here's the chart... as I see it.



Here's the hourly picture. Watch out for early Sunday fake outs, including gap plays.

Disclaimer

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