Friday, January 6, 2012

Forex Trading Signal Week #38 2011

November 27, 2011 by  
Filed under Forex Signals

Forex Trend Analysis

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

As a whole, the trend for this pair is DOWN. It is due to the weakness in the EURO zone that leads to the strong down move pressure.

Forex Technical Analysis

Hourly Chart
If you take a close look at the hourly chart, you can see the formation of several MACD positive divergence. This is a sign of up move movement but it is being suppress by the strong down pressure.

4 Hourly Chart
On the 4 hourly chart, there is no support near the current price and the next major support will be at 1.52989.

Overall Forex Analysis

I must say that I will look for short term SHORT trade as there is a formation of 2 MACD positive divergence which is an indication that a reversal is on the way.

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