Forex Trading Signal Week #7 2012
Forex Trend Analysis
- Weekly Chart: Weak Bullish
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Mix
- Hourly Chart: Strong Bearish
Overall the trend for the EURUSD is DOWN.
Forex Technical Anlaysis
The price has made a big up move last week but it is being resisted by R2 daily pivot as well as a major resistance level.
4 Hourly Chart
The price on this time frame shows you that it is testing the Fibonacci 0.382 level for the second time.
Overall Forex Analysis
As the price is now testing a major resistance that shows a confluence on the hourly and 4 hourly chart. I will look to go SHORT for this pair.
However if the price manages to break above the price with valid breakout, I will look to go LONG.
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