Tuesday, January 10, 2012

Forex Trading Signal Week #36 2011

November 6, 2011 by  
Filed under Forex Signals


Forex Trading Signal For EURUSD

Forex Trend Analysis

  • Weekly Chart: Weak Bullish
  • Daily Chart: Weak Bullish
  • 4 Hourly Chart: Weak Bearish
  • Hourly Chart: Strong Bearish

As a whole, the trend for this pair is DOWN for the week.

Forex Technical Analysis

Hourly Chart
From the picture below, you can see that the price is currently moving within a trend channel. The price is moving up after hitting the support of the trend channel.

However you have to take note that a trend channel after a big down move is usually a continuation pattern. This means that there may be a big down move if the price manages to break below the trend channel.

4 Hourly Chart
In fact, the price is being resisted on this time frame by a Fibonacci 0.618 level as well as the 200 EMA which is a major resistance.

Overall Forex Analysis
I will look to go SHORT if the price manages to break below the trend channel with valid breakout. This is because the trend channel after a big move is a sign of continuation pattern.

If you are interested to learn exactly how I do my technical analysis, you can take a look at this book here.

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