February 25, 2009 04:19

Forex Signal – EUR/USD Approaching Support

By:

2-25-09

4:16a GMT – We saw a 200 pip rise yesterday and I am continuing to buy dips on long signals. For the past week now the pair has made higher highs and lower lows and we might finally have solid support in place around 1.2400. The market in general is still hectic and looking for direction. US banks, according to multiple sources, have very troubled times ahead and possible nationalization by the US government. Coupled with the multiple bailouts and a weak US dollar appears to be on the horizon. Of course, that hinges on the news out of Europe and what they will do to shore up there banking system. In the short term, however, I am still betting against the dollar and going long on the Euro.

Trading Idea: looking to buy near support, with nearest level at 1.2695. Long targets at 1.2775, 1.2875 and 1.2930. If a sustained break of 1.2695 is made look for 1.2635 and 1.2575.

(click to enlarge)

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1 Comment on "Forex Signal – EUR/USD Approaching Support"
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    Comment left on:
    February 25, 2009 at 14:29
    johnpaul says:

    are we going on buy when existing home sale is likely to come out positive to favour USD since the previous month data was good pls help!

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