Forex Signal – EUR/USD Buying Near Trend Support

8-26-09

5:00a GMT - Good 100 pips off of yesterday's signal as the pair bounced hard off of support just above 1.4250 and rallied for 100 pips to 1.4360. Momentum was not sustained however and the pair quickly fell back down to 1.4280 levels. Fundamentals are mixed (see my earlier post about how different investors are interpreting the news out of the US in different ways, causing volatility) and traders are looking for direction - which makes me think we will see some tight ranges and zig-zagging over the next couple of days and then possibly a big break either up or down, so keep stops relatively tight.

Trading Idea: Still looking to go long, preferably near trend support currently around 1.4275, though I will try to catch it on the way up or down around 1.4250. Long targets at 1.4345 and 1.4385.

(click to enlarge)
eu82609buying

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