Thursday, April 15, 2010

Forex trading room eurusd

Forex day trading room  EurUsd There has not been a great deal of volatility for EURUSD in the last few sessions which makes saying something new about the pair a somewhat tricky task. However, yesterday evening's dip down to 1.3546 has since been followed by a strong bound back above 1.3600 levels, and we still remain resolutely bullish until we get a compelling technical argument to abandon this bias. Looking at the daily chart, the double bottom formation we have been monitoring still seems valid, and measuring from the 25 March lows to the neckline (at 1.3590) the target can be expected to be around 1.3920. Resistance levels on the topside are Monday's highs 1.3692, then 1.3800 (50.0% fibonacci retracement level of 1.2457-1.5145), and 1.3850 pivot levels not seen since 4 February. First supports on the downside are 1.3579 (50-day moving average), then yesterday's lows of 1.3546; the back side of the former downtrend should also be a strong area of bids, coming in today at 1.3435.As a quick treat in addition to the daily chart on the previous page, here's a look at the hourly chart as I currently have it –and the potential bullish flag pattern that might come into play in the coming days. The downward sloping consolidation range currently has an upper bound at 1.3665, and lower bound of 1.3540; should the pair manage to break above the upper edge, we can expect targets for the flag around 1.4070 (but the precise target would depend on where the break out comes). GbpUsd After the fantastically successful symmetrical triangle pattern we followed last week in GBPUSD, we now seem to be fortunate enough to be getting another one forming on the hourly chart. Too good to be true? Perhaps, but given the big profits banked on the last one it seems worth a punt, and since the break of the major downtrend back on 29 March, we have not been given any reason to doubt the bullish momentum. The width of this symmetrical triangle [...]

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