12-04-08
4:41a GMT – Yesterday’s forex signal regarding range trading still remains in play, but we have a new technical aspect to consider: a triangular consolidation pattern (yellow converging trend lines below). I will be watching this closely as usually when the pair breaks out of a consolidation pattern in breaks out in a big 50-100 pip way. The red lines on the chart below still represent the various support and resistance levels of the pair. While an aggressive trader could range trade both up and down there are more technical levels pointing down so I will be looking for selling opps at the resistance levels.
Trading Idea: look for a re-challenge of the 1.2765 resistance. Shorts are preferred with targets to 1.2675 and back down to 1.2575.
P.S. to all of you who have sent me email this past week I apologize for being slow in getting back to you. It has been a busy week since the holidays!
(click to enlarge)
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