Forex Signals – EURUSD Choppy Wedge
Signal posted on Wednesday, February 22nd, 2012 at 4:39 pm
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Recap: We did not take any EU positions yesterday, as promised, as the markets are very choppy while the Greek bailout situation is still being ironed out.
Trading Idea: In the resulting chaos we have seen an ascending wedge form on the 4h charts and we will look to trade it in either direction: short on a support break or long on a resistance break with targets at 20/20/25/25 for 90 pips profit.
The wedge itself is a bullish signal, technically, so we will be weary of a false breakout to the downside (long squeeze) before a return to the upside.
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