Discussion in 'Forex Trading' started by JSSPMK, Oct 6, 2008.
I see Euro as a buy right now on 240 minute chart, Long EUR/USD 1.3522, stop ~1.3440
Euro's on a downward trend right now. I wouldnt try to grab a falling knife, but who knows...you might get lucky
Not lucky, but fortunate
Looking over the Monthly chart Euro is currently trading near previous resistance, buy low/sell high is present + paired with a buy pattern I see upside.
What has changed?
Technical levels have nothing to do with the current drop in the E$.
Thomson Reuters IFR said they were looking for sub 1.34 6.18% fib target and then a bounce back up to low 1.40s...
I think markets are more perceptive and with Q3 numbers close - they will preemptive the bounce.
When Q3 numbers appear - especially watch EURJPY but also USDJPY - if any fear spreads to Japan, they might suffer too.
I am using 240 minute chart as a guide here, not looking for complete reversal of current down trend.
2/3 position scale out target of around 200 pips.
Nice +100pip spike shot in the EURUSD... Levels of >1.40 are very likely quickly.
EURJPY shot +200 ...
Approaching 1.38 now, and lots of stops were hit.
Angela Merkel talking to the Bundestag right now on the crisis measures. Lots of applause, but lets see the market reactions.
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