August 28, 2009 02:52

Forex Signal – EUR/USD Buying Dips

By:

8-28-09

3:26a GMT – It has been a fairly predictable week (knock on wood!) for the EUR/USD pair, with price action more or less mimicking signals. Yesterday we saw the major rise, as expected to a new high of 1.44050. Bears quickly stepped in at that point to temper the rally but not after the pair had gained nearly 200 pips in under 4 hours! The pair then retreated to 1.4338 – the 38.2% fibonacci retracement of the rally. Thanks to this new high I am freshly bullish, and I would prefer to buy on dips near support.

Trading Idea: We have good support to buy around above 1.4300, which is near the 50 and 61.8 fib retracement levels of the latest rally. From there long targets are at 1.4345, 1.4385 and 1.4445

(click to enlarge)
eur82809buyingdips

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2 Comments on "Forex Signal – EUR/USD Buying Dips"
  1. Reply
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    Comment left on:
    August 28, 2009 at 06:49
    Kristian says:

    Hi there! Could you suggest exact enrty price. Thanks

  2. Reply
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    Comment left on:
    August 28, 2009 at 09:41
    mohammad says:

    thanks for your suggestions, Mark;)

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