Sunday, January 22, 2006

Forex weekly technical analis (EUR/USD)

Last week Forex results.
As i said USD/CAD moved to the resistance level and then went down very quickly, but it was very hard to catch this move so we have to wait fo retracement to catch another bearish wave.

I made +60 pips on this, i hope you made more than that.
This week Forex technical analis.

Look at 1D EUR/USD chart

It is still going up, but is quite close to very strong resistance level.
Take note of MACD and RSI, they both are moving up what indicates bullish move, i drew trendlines on them so you can get better picture of it.
Look also at Fibonacci retracement, 38% level wasn't broken so it is also good news for bulls.

Now let's take a look at 4H chart.


Both MACD and RSI are going down, but trendlines were crossed and it is usually sign of strong bullish move which can take place.

Well there isn't much to talk about nothing is really sure when market is trading but i think it will be good to take LONG position near 38% retracement.

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