EURUSD in the charts

EURUSD is at an interesting place in the charts. Price has been coming down since the November23 high near 1.5000. A nice go back over. In fact if you use the Fibonacci review tool you will see that is now at the 38% (at 1.4346) of the August17 low to the Nov23 move. What does this mean to me, the intraday trader? When I see a nice retracement like this I start to lookout for consequences to “bound” off foremost repeat equal: 38%, 50%, or 61%. I had been only the EURUSD pair the past week or so when I reallized that the major up move was over. ( When I saw that the regular 21ema fixed to flat, instead of up sloping.) So now that value has reached this chief 38% parallel with the ground, I will be observing the 21ema, which is now down sloping, to see if it horizontal out. I the 21ema on all time construction, it is a serious indicator of current bill thing. Currently all time framework show a down sloping 21ema, so my bias is motionless for selling this pair. But it is influential to be familiar with these Fibonacci parallel with the ground and likely penalty peak where fashion may change.

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Netscape
  • StumbleUpon
  • Technorati

Written by admin on December 28th, 2007 with comments disabled.
Read more articles on EURUSD and currency.

Related articles

Comments disabled

Comments on this article have been disabled.

Disclaimer: Forex trading carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with currency Exchange trading.