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  1. Forex Trading Update: U.S. Dollar Index is Setting the Tone

    by , 07-12-2009 at 05:17 PM
    EUR/USD Faces One More Round of Seven Week Old Consolidation

    Currently the U.S. Dollar Index has been contained in a very harmonic price action pattern. Its structural formation is much cleaner than any currency pair amongst the top five. If the 80.70 level does not reject on a 1 hour candle (currently 80.24) then indeed the US Dollar is in for a multi-week bullish pattern which is likely to show very aggressively in the EUR/USD and GBP/USDS. The Index is perched on support immediately at 84.20 with key but critical support at 79.50 in view.

    Friday we shorted the GBP/USD for a quick 50 pip profit to finish the week with nearly 100 pips per lot of profit.

    I would prefer to see the EUR/USD and GBP/USD ...
  2. Entry on Trade

    by , 07-13-2009 at 12:00 AM (Winners Edge Trading Daily insights)
    Yesterday I gave a winning Forex Trading Strategy, today I am making my first trade with this strategy.

    It is 11:05 PM Est Eur/Usd

    We tested the resistance level of 1.3973 and bounce off of it I believe we are headed down to the next support level of 1.3891

    I just entered at 1.3950 I have a stop at above the resistance level at 1.3979 with at target of 1.3891

    I will adjust the stop forward as I gain profit but I will not move it back. I opened two lots and I will keep the other lot with no limit to allow it to run if the pair continues to move down.

    10 min Chart
  3. Forex Trading: U.S Dollar Index Takes Center Stage

    by , 07-13-2009 at 05:29 PM
    Forex Traders see EUR/USD Face Key Resistance Levels

    My classic July Tsunami is trying to form in the U.S. Dollar Index. I do not trade the Index but I prefer to focus on the next best place to trade the Dollar, in my opinion, as seen in the EUR/USD or GBP/USD. On a daily basis now the European Central Bank (ECB) is striving to talk-down the pair by honestly acknowledging the economic struggles in Europe and of course the rest of the world. In tandem with this, European banks are facing a high debt load with the normally high savings deposit rates by their customers; equilibrium usually prevails.

    On a serious note – an increase in Dollar strength is much preferred fundamentally for the world economic outlook as ...
  4. EURUSD breaks above 1.4072 resistance

    by , 07-15-2009 at 09:31 PM (Free Forex Market Analysis)
    EURUSD breaks above 1.4072 resistance and reaches as high as 1.4134 level. Further rally is still possible to test 1.4197 resistance. However, 1.4197 level will more likely be held and downtrend could be expected to resume before breaking above this level. Key support is now at 1.4000, a break down below this level will indicate that a short term cycle top has been formed on 4-hour chart, then the following downtrend will take price to test 1.3832 previous low support.

    Daily Forex Forecast
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