Tuesday, April 24, 2012

Forex Trading Signal Week #3 2012

January 30, 2012 by  
Filed under Forex Signals

A Happy Chinese New Year to all of you who are celebrating Chinese new year like me. It has been a busy month as I have to prepare of the most important day of the year.

It has been sometime since I post a signal here and today I shall be sharing with you information about the EURUSD this week.

Forex Trend Analysis

  • Weekly Chart: Weak Bullish (UP)
  • Daily Chart: Strong Bearish (DOWN)
  • 4 Hourly Chart: Strong Bearish (DOWN)
  • Hourly Chart: Strong Bullish (UP)

The overall trend for this week is UP.

Forex Technical Analysis

Daily Chart
The price has hit a major resistance at 1.32351 which is a Fibonacci retracement resistance plus a old support which has turned into a resistance.

Hourly Chart
In this time frame, you can see that the price has formed a negative macd divergence. This is a sign that the price is going down.

Overall Forex Analysis
I will go SHORT as there is a confluence of major resistance with the formation of MACD negative divergence.

However if the price manages to break above the major resistance with valid breakout, I will enter a LONG trade.

Other Related Posts:

  1. Forex Trading Signal Week #7 2012
  2. Forex Trading Signal Week #8 2012
  3. Forex Trading Signal Week #1 2012
  4. Forex Trading Signal Week #5 2012
  5. Forex Trading Signal Week 2 2012

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