November 25, 2008 04:24

Technical Analysis – EUR/USD Resistance broken; buying dips

Posted In: Technical Analysis
By:

11-24-08

3:50a GMT – US traders took money out of the dollar and put it into the stock market today, leading to a good raise in the EUR/USD pair that managed to take out solid trend resistance.  Combined with the strong support the pair has found at 1.2400 my outlook has switched to buying dips.

Trading Idea: there are three major support levels and I will be looking for signs of bullish reversals at all of them. Support levels are at 1.2800, 1.2670 and 1.2430. Longs favored with an eventual challenge of 1.3000 and 1.3200

(click to enlarge)
 

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