October 29, 2008 04:18

Technical Analysis – EUR/USD Still Buying Dips

Posted In: Technical Analysis
By:

10-29-08

3:15a GMT – After correctly predicting yesterday’s rise in the EUR/USD pair I am still bullish on the pair for today’s trading and I’m looking to buy dips. The pair rose yesterday as US traders took money out of the dollar safety and into the stock market in hopes of a rate cut by the Fed. A rate cut would put more money into stocks and take carry trades out of the dollar, leading to a rise in the pair.

Trading Idea: Closest support is 1.2600 and I’m looking for bullish signals at that area with longs favored to targets at 1.2680, 1.2750 and 1.2900.

(click to enlarge)

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2 Comments on "Technical Analysis – EUR/USD Still Buying Dips"
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    Comment left on:
    October 29, 2008 at 15:08
    Raj says:

    Right again…!

  2. Avatar of piphut
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    Comment left on:
    October 29, 2008 at 22:22
    piphut says:

    Thanks but I’m definitely not always right, that’s why its good to practice good forex money management techniques. That way even when you are wrong you are still profitable!

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