6-23-09
4:26a GMT – The Forex seas are still choppy after bearish day for the EUR/USD failed to break any major support or resistance areas. My main signal from yesterday (sell @ 1.3990) never came close to being hit, though I did sell the short-lived rally to 1.3900 and rode it down for a quick 50 pips with a 25 pip stop (2:1 money management for any beginner traders out there). Today I am looking for more of the same: sell rallies as bears continue to dominate. Dominating the minds of all traders right now is risk management, and sheltering in the USD is usually the safest option. Fostering the risk-aversion is the FOMC meeting, at which it is believed the Feds will keep the interest rate the same but their minutes regarding future policy and inflation will give traders some ammunition.
Trading Idea: Still looking to sell rallies. I would look into selling around 1.3900-1.3930 again on technical signal confirmation. Short targets at 1.39, 1.3850, 1.3820 and 1.3775.
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Thanks you for the Technical Analysis Mark. I haven’t made any trades yet, as I’m completely unsure what way it was gonna go. So I waited until you posted this analysis, but I’m still unsure….
Hello Mark. I read your forecast earlier today but couldn’t really understand it, so I looked up the words and I still couldn’t get a clear picture. Is there any sites I can visit that could explain the technical talk a little bit?
Hi Ash, I’ve been meeting to start my own glossary to make the signals more friendly to new traders. Which words or phrases did you need clarification on?
Hi Mark, thanks for your help. I wasn’t sure about what you meant about rallies and short targets and just things like that.