June 2, 2009 06:10

Forex Signal – EUR/USD Sell and Buy Signals

By:

6-2-09

5:06a GMT – Booked nice pips off the long break of 1.4175 yesterday. Looking at the charts today I really wanted to see a sell signal. We are overbought on a lot of long term charts, nearing longer-term resistance. We broke through a supportive trendline. And while all those indicators may point south I am primarily a trend trader so I have to stick with what works for me. Since the trend is definitely to the upside I will look for buying opportunities on dips. I will however limit risk severely with tight stops (20-25 pips).

Trading Idea: Nearest support at 1.4090 offers an opportunity to reset a long on a bounce. Tight stops, looking for a retest of 1.4145, 1.4190 and 1.4235. On a break of 1.4090 look for a retest of 1.4050 and 1.4000.

(click to enlarge)
eu6209buying

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2 Comments on "Forex Signal – EUR/USD Sell and Buy Signals"
  1. Reply
    #
    Comment left on:
    June 2, 2009 at 12:15
    me says:

    useless so far

  2. Reply
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    Comment left on:
    June 2, 2009 at 12:17
    ron culbertson says:

    great call today on the euro–well done

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