Forex Trading Signal Week #6 2012
Forex Trend Analysis
- Weekly Chart: Mix
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Weak Bullish
- Hourly Chart: Weak Bullish
As a whole, the trend for this pair is UP for this week.
Forex Technical Analysis
After the valid breakout of the Double Top formation, the price has reversed and has fell by 186 pips.
However it is now being supported by a strong support level at 1.31923. If you take a look at the picture, you will see that the price has tested the level for the eighth time in a row.
Overall Forex Analysis
I will enter SHORT if the price manages to break below the support level and it will be a big down move if it manages to break below it.
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