8-31-09
4:47a GMT – EUR/USD was able to break through support (and last week’s signals) of 1.4300 but has not managed to do much since then, only getting down to around 1.4280. It has since zig-zagged in a tight range between 1.4280-1.4315. In the short, short term I expect this range to continue (might be good for some scalping) but my bias remains bullish and I will look for buying opportunities near support and on dips.
Trading Idea: Pair is right on (weak) support of 1.4280 right now, better support not seen until trend support just below 1.4250 where I will look for buying opportunities. Long targets back up to 1.4300, 1.4345 and 1.4395. If support is broken look for a re-challenge of 1.4200.
(click to enlarge)
Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Discuss this signal with me and fellow traders at the new Forex Discussion Groups
What do you mean when you said “trend support just below 1.4250″?
i think now the strong up trend will start for today
Nnagozie, I didn’t draw the line on the above chart but if you connect the lows from the 26th and 27th you’ll they make a line that is “trend support”, which would currently be around 1.4250.