Forex Trading Signal Week #3 2012
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
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.
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.
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