EURUSD – DAILY CHART SETUP
Morning All,
Please refer to the chart posted below for an update on EURUSD setup.
Notice how the Pair has formed a squeeze pattern on a DAily chart time frame. We are expecting a ‘breakout’ wither way. My signals are still pointing to a ‘bullish’ move – BUT we have to see the Breakout and close have to happen to the upside for this to be set in concrete. Either way – The next candlestick move would have to ‘close’ above or below the squeeze. Then we would work out our entry and stop loss, and trade accordingly.
Chart Setup on EURUSD 22nd June 2009 / Powered by Metastock
It would be best to have at a 4hr time-frame or hourly to look for any ‘indication’ that we are seeing a ‘bullish or bearish’ indicator to help us get a idea what the direction could be.
Possible Head & Shoulders Pattern Formation on EURUSD – Daily
Morning All,
Just wanted to bring your attention the possibility of a Head and Shoulders Formation forming on a Daily time frame on EURUSD pair. The Euro has battled to go higher than 1.45 against the dollar in recent weeks.Price on Eur is trading below the DAILY PIVOT @ 1.385. If Price cannot close higher than this today, it will confirm that the Head and Shoulders and we should see price move lower over the coming days.
If Price however closes above 1.3940 area should cancel out the formation and we should see Price re testing previous highs around 1.45
Head & Shoulder Formation on Daily Chart 16th June 2009 - Powered by Metastock Charting Software
Please ensure that you do your ‘homework’ prior to placing any trades today. There is a lot of news out and volatility will be a major factor to watch out for. It’s far better to ‘bide your time’ and let the market play it’s hand before making a decision. Too many people get caught up in the moment and that if when mistakes come into play. You do not want to trade on emotion. Trade what is shows you on the Chart…
All those of you out there who are thinking of learning more about how to trade Forex , or who would like to ‘brush up’ on the Forex skills, have a look at our ‘Live with Trader’ deals we have on our website. Click here for more details
Have a great day
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